By Carla Mozee, MarketWatch
Novo Nordisk rallies
LONDON (MarketWatch) -- European stocks were gaining ground
Friday, but the region's key benchmark was on track to break a
lengthy string of weekly wins.
The Stoxx Europe 600 rose 0.6% to 396.79, with only the basic
resources and energy sectors in the red. Most commodity prices were
lower on Friday, but were set for weekly gains, including a 7% jump
in oil futures
(http://www.marketwatch.com/story/crude-oil-prices-fall-as-yemen-conflict-escalates-2015-03-27).
Standing out on Friday were shares of Novo Nordisk A/S , leaping
9% after the Danish pharmaceutical company said it would resubmit
applications for its Tresiba and Ryzodeg insulin treatments to the
U.S. Food and Drug Administration.
"Because the company's medium-term growth projections depend on
U.S. Tresiba this is a positive for sentiment," analysts at
Barclays said in a Friday note.
But the Stoxx 600 still faced a 1.8% loss for the week. That
would follow seven weeks of gains. The last run of eight weekly
wins ended in June 2014.
After a sparkling run of 10 weekly gains, Germany's DAX 30 was
on track for a 1.4% decline. On Friday, the DAX edged up 0.2% to
11,866.03, led by a 3.5% rise for Adidas AG .The German index this
year has hit 26 record-closing highs, according to FactSet, with
the last one at 12,167.72.
This week marked "another week of chunky inflows to EU funds,"
clocking in at $5.4 billion, said Bank of America-Merrill Lynch on
Friday. But the analysts also noted that in 2013 "euphoric inflows
to Japanese equity funds peaked" eight weeks after the Bank of
Japan unveiled its quantitative easing program
(http://www.marketwatch.com/story/bank-of-japan-delivers-big-easing-2013-04-04)
and that a "similar trend" in Europe implies flows are peaking.
European equities this year have been hitting record and
multiyear highs, but they came under notable pressure this week in
part as the euro (EURUSD) regained ground against the U.S. dollar.
A lower euro has been a benefit for European exporters. On Friday,
the euro was buying $1.0874 compared with $1.0886 late
Thursday.
In Paris, the CAC 40 on Friday rose 0.5% to 5,031.03, and
Spain's IBEX 35 rose 0.1% to 11,466.10. Read: Don't miss this 'gem'
in Europe's stock market, says Barclays
(http://www.marketwatch.com/story/dont-miss-this-gem-in-europes-stock-market-says-barclays-2015-03-26)
The U.K.'s FTSE 100
(http://www.marketwatch.com/story/ftse-100-faces-weekly-loss-as-miners-lead-a-decline-2015-03-27)
fell 0.5% to 6,860.42, weighed by losses among mining and energy
shares. Meanwhile, the pound (GBPUSD) rose above $1.49 after Bank
of England Governor Mark Carney reiterated his view that the next
move in U.K. interest rates would be higher.
Greece's Athex Composite rose 0.4% to 767.88 in a seesaw
session. Greece later Friday was set to submit
(http://www.marketwatch.com/story/greece-to-submit-reform-proposal-later-friday-report-2015-03-27)
a list of economic reforms to its creditors, with the move aimed at
securing more funding for the debt-troubled country.
Subscribe to WSJ: http://online.wsj.com?mod=djnwires