"Novo Nordisk Surpasses European Stocks, Becomes Most Valuable Firm"
European stock markets opened lower as the boost from Chinese stimulus measures faded, with the Stoxx 600 index down 0.53%. Construction and banking stocks saw the biggest declines. Danish drug-maker Novo Nordisk started as Europe's most valuable firm for the first time, surpassing luxury goods giant LVMH, as it launched its weight loss drug Wegovy in the UK. German trade data showed a decline in exports in July, while imports rose. UK retail sales were higher in August, reflecting improved consumer confidence. German businesses reported slightly lower price expectations in August, and preliminary figures showed a dip in German consumer price inflation. UBS downgraded two global automakers over competition from Chinese EV manufacturers, and expects "clear signs of slowing" for the US economy by November's FOMC meeting.