European Stocks Soar on Positive Global Data and Energy Boost
European stocks rose slightly as investors awaited the U.S. jobs report, with oil and gas stocks climbing after analysts raised oil price forecasts. However, auto stocks fell due to a survey showing a deterioration in sentiment among automakers. Danish drugmaker Novo Nordisk briefly became Europe's most valuable company, driven by the success of its weight-loss drugs. UK house prices recorded their steepest drop since 2009, attributed to the rise in borrowing costs. Italy's debt is deemed manageable as long as growth remains active, according to the head of the Ambrosetti Forum. China's central bank announced a cut in the foreign exchange reserve requirement ratio to shore up the economy. The Nasdaq Composite and Nasdaq-100 had their worst month since December 2022, with technology stocks underperforming.
