European shares eke out gains at open as healthcare stocks rebound
2022.08.12 10:37
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.
