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European shares eke out gains at open as healthcare stocks rebound

2022.08.12 10:37

European shares eke out gains at open as healthcare stocks rebound
The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, August 11, 2022. REUTERS/Staff

(Reuters) – European shares eked out gains on Friday at the open after Sanofi (NASDAQ:SNY) and GSK led a rebound in healthcare stocks, with the main STOXX 600 index set for weekly gains.

Sanofi rose 1.6% and GSK added 3.0% after a heavy selloff in the previous session on growing worries about U.S. litigation focused on a heartburn drug that contained a probable carcinogen.

JPMorgan (NYSE:JPM) said it sees a stronger buying opportunity for Sanofi versus GSK, adding Sanofi would not be liable for any litigation damages.

The European healthcare sector gained 0.4%, while the STOXX 600 index rose 0.1%.

The main index rose for the second straight day and was set to notch up weekly gains of 1% as a softer-than-expected U.S. inflation reading calmed nerves around the Federal Reserve’s monetary policy tightening cycle.

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