European shares rose on Monday, as investors welcomed signs of progress in US-China trade talks aimed at cooling a trade war between the world’s two largest economies and dispelling some of the uncertainty clouding financial markets.
The pan-European STOXX 600 index rose 1.1%, as of 0711 GMT, with all regional bourses trading higher, led by a 1.6% gain in Germany’s benchmark DAX index which closed at an all-time high on Friday.
The US and China ended high-stakes trade talks on a positive note on Sunday, with US officials touting a “deal” to reduce the US trade deficit, while Chinese officials said the sides had reached “important consensus”.
Both sides declined to elaborate on negotiations, saying that further details will be released on Monday. Meanwhile, Trump said on Sunday he would sign an executive order to cut prescription drug prices to the level paid by other high-income countries.
European healthcare stocks fell 2.9%, with Novo Nordisk, AstraZeneca, GSK and Roche Holding down between 3.3% and 6.8%.
European stocks climb on hopes of easing US-China trade tensions
Separately, Eli Lilly said on Sunday its obesity drug Zepbound was superior to Novo Nordisk’s Wegovy across five weight-loss targets, citing data from a head-to-head trial.
Novo’s shares dropped 6.8% and were among the top losers on STOXX.
UniCredit rose 4.1%, as Italy’s second-biggest bank strengthened its 2025 outlook after posting a surprise increase in first-quarter profit.
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