Europe open: Stoxx hits fresh high; Novo Nordisk jumps on FDA obesity pill approval

(Sharecast News) - European shares hit fresh record highs at the open on Tuesday, reversing losses in the previous session as traders geared up for the Christmas break. The pan-European Stoxx 600 was up 0.32% to 588.60 - a new intra-day high - at 0831 GMT with all major bourses also in the green.

Major US indices closed higher on Monday in quiet pre‑holiday trade ahead of this week's Christmas break.

At the close, the Dow Jones Industrial Average was up 0.47% at 48,362.68, while the S&P 500 advanced 0.64% to 6,878.49 and the Nasdaq Composite saw out the session 0.52% firmer at 23,428.83.

The Dow closed 227.29 points higher on Monday, extending gains recorded in the previous session.

Tech was again at the centre of attention on Monday, as investors continued to rotate back into growth names after last week's softer inflation data helped revive hopes of a year‑end "Santa Claus rally". Sentiment was also supported by strength in major tech movers, with chipmakers Nvidia and Micron Technology both closing higher.

In European equity news, shares in Novo Nordisk stock jumped after the Wegovy-maker received US approval for the first-ever GLP-1 pill to treat obesity.

The US Food and Drug Administration's approval handed drugmaker Novo Nordisk an edge over rival Eli Lilly in the race to market an obesity pill. Lilly's rival treatment, orforglipron, is still under review.

Ryanair shares were down in Dublin after the budget carrier was hammered with a €255.7m fine by Italy's competition authority for abusing its dominant position in its dealings with travel agents.

Reporting by Frank Prenesti for Sharecast.com