(Reuters) – European shares advanced on Monday after energy stocks tracked global crude prices higher and as a strong performance by Danish drugmaker Novo Nordisk lifted healthcare stocks.
By 0712 GMT, the pan-European STOXX 600 was up 0.4% at 449.86 points. The index closed at its lowest level in six weeks on Friday.
Energy stocks added 1% as crude prices rose after global supply tightening with lower exports from Saudi Arabia and Russia offset concerns about demand growth amid high interest rates. [O/R]
Europe’s healthcare index advanced 0.6% as shares of Novo Nordisk added 1.3% after Morgan Stanley raised its price target on the drugmaker.
Germany’s DAX added 0.4% in early trade even as official data showed German producer prices in July fell more than expected.
This week, investor focus would be on the Jackson Hole Symposium where European Central Bank President Christine Lagarde and U.S. Federal Reserve Chairman Jerome Powell are expected to provide clues about the interest rate outlook.
Among individual stocks, Adyen fell 4.6% after two brokerages downgraded the Dutch digital payments firm.
(Reporting by Shashwat Chauhan in Bengaluru; Editing by Sherry Jacob-Phillips)
