European shares rose on Wednesday, driven by strong corporate earnings, despite a setback from Novo Nordisk missing its Q2 profit estimates. The STOXX 600 climbed 0.8% to 492.21 points, nearing the 500 mark. Most European markets saw nearly 1% gains, though healthcare slipped 0.1%.
Novo Nordisk fell 3.4% after missing profit forecasts and cutting its annual outlook. Roche gained 1.6% on news it might sell Flatiron Health. Investors’ focus shifted to earnings, easing recession fears.
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German industrial orders rose in June, boosting optimism. The DAX index increased by 0.8%. Continental surged 4.7% on strong results, while Just Eat Takeaway jumped 7.2% after a J.P. Morgan upgrade. Conversely, Puma dropped 13% after cutting its profit outlook, and Commerzbank fell 5.5% following a profit decline. Beiersdorf slipped 2.7% despite solid sales growth. Investors awaited comments from ECB officials for future guidance.
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