Al-bayda: European stocks fell to their lowest levels in two weeks on Wednesday, as persistently high stock valuations continue to worry investors globally, while Novo Nordisk's stock declined after the pharmaceutical company issued negative forecasts. The European STOXX 600 index dropped 0.4 percent to 568.10 points, trading at levels not seen since October 17 for the second consecutive session.
According to Yemen News Agency, technology stocks, which were among the biggest losers across sectors, fell 1.3 percent. Stocks typically viewed as safe havens, such as food and beverages, saw slight gains. Valuation concerns resurfaced this week on Wall Street and in Asian markets, which have achieved record highs this year, primarily driven by enthusiasm for artificial intelligence. These concerns were exacerbated after warnings from major US banks on Tuesday.
Meanwhile, corporate earnings were also in focus across Europe. Novo Nordisk's stock fell two percent in volatile trading after Wegovy lowered its full-year profit expectations, dealing an early blow to the new CEO of the Danish pharmaceutical company amid a broad restructuring campaign to regain its market share in the highly competitive obesity drug market. Vestas, a company specializing in wind turbine manufacturing, reported third-quarter operating profits that exceeded expectations, leading to a 10 percent surge in its stock price.