Novo Nordisk, Siemens earnings boost European stocks at open

The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, July 27, 2021. REUTERS/Staff

(Reuters) – European stocks hovered near record levels on Thursday as strong earnings from Novo Nordisk and Siemens helped counter weakness in miners and banking shares that weighed on UK’s blue-chip index.

The pan-European STOXX 600 index inched up 0.1% after a three-day run of gains that took it to fresh highs.

Danish company Novo Nordisk rose 3.1% after it raised its full-year forecast and posted above-forecast quarterly earnings on strong sales and demand for its new obesity drug.

German industrial firm Siemens climbed 3.9% as it lifted its profit guidance for the third time this year.

Retailers took a hit as German online fashion company Zalando slid 7.2% after it said it had spent more on marketing to keep its customers shopping.

Adidas also fell 3.6% after it raised its outlook for full-year sales and profitability but took a hit in China.

UK’s FSTE 100 slipped as Lloyds Banking Group tumbled after Goldman Sachs downgraded its stock to sell, while falling metal prices weighed on miners. [MET/L] [IRONORE/]

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