European shares hit two-week high on healthcare boost; Fed rate verdict eyed
2023.11.01 05:05
© Reuters. The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, October 31, 2023. REUTERS/Staff
(Reuters) – European shares rose to a near two-week high on Wednesday, boosted by healthcare stocks, with investors gearing up for the U.S. Federal Reserve’s to hold interest rates, as is widely expected, later in the day.
The pan-European was up 0.1% by 0825 GMT, set for its third straight day of gains.
Fed policymakers have telegraphed no change to the current 5.25%-5.50% target range for short-term interest rates at their two-day meet. The decision is due at 1800 GMT (2 p.m. ET).
Leading sectoral gains were healthcare stocks, up over 1%, with GSK gaining 1.8% after raising its full-year profit and sales forecasts for a second time.
Denmark’s Orsted (CSE:) slumped 20.1% to the bottom of the STOXX 600 following a third-quarter profit miss and massive impairment charges.
Swedish builder Skanska dropped 12.3% after reporting third-quarter operating earnings well below expectations as weak property markets took a toll.
