(Reuters) – European shares rose on Monday, echoing an upbeat mood in Asia as investors were optimistic that a series of stimulus from China will support its slowing economy, while drugmaker Novo Nordisk’s shares hit a fresh record high.
The pan-European STOXX 600 index rose 0.6% by 0720 GMT, following a three-session losing run.
Miners rose 1.3%, leading gains among European sectors, as iron ore futures rallied amid optimism over top steel producer China’s policy support for its struggling property sector. [IRONORE/]
China is set to take further action, including relaxing home-purchase restrictions, sources familiar with the matter told Reuters.
Novo Nordisk rose 1.6% to hit a record high after the Danish drugmaker launched its weight-loss injection Wegovy in Britain. Novo, with a market capitalisation of $424.7 billion, unseated LVMH as Europe’s most valuable listed company on Friday.
Shares of German real estate firm Vonovia rose 1.5% after Morgan Stanley upgraded the stock to “equal-weight” from “underweight”.
(Reporting by Sruthi Shankar in Bengaluru; editing by Eileen Soreng)
