- STOXX 600 logs fifth consecutive weekly gain despite Friday’s dip
- Novo Nordisk jumps 6.5% on positive Wegovy launch, UK approval
- Luxury stocks fall, Richemont down 5.4% after BofA downgrade
Jan 16 (Reuters) – European shares were subdued on Friday, limited by weakness in luxury and mining stocks in a dour end to a week dominated by the start to a busy earnings season alongside geopolitical jitters.
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“European equities aren’t cheap anymore, but they’re not expensive either. That said, the margin of safety that investors had previously is gone,” said Michael Field, chief European equity strategist at Morningstar.
Still, the STOXX 600 logged its fifth-consecutive weekly gain, its longest winning streak since May 2025.
The index has scaled multiple record highs, led by strength in commodity-linked stocks as prices of safe-haven precious metals and crude oil soared earlier in the week on simmering geopolitical tensions over Iran and Venezuela.
“As you come to the end of the week (following) a pretty strong start to the year, maybe there’s just a little bit of a pause as people reflect there are some good fundamental reasons for optimism, but there’s a good amount of uncertainty in the world on the geopolitical side,” said Richard Flax, chief investment officer at Moneyfarm.
Reporting by Niket Nishant, Avinash P and Johann M Cherian in Bengaluru; Editing by Mrigank Dhaniwala, Devika Syamnath and Alex Richardson
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Niket Nishant reports on breaking news and the quarterly earnings of Wall Street’s largest banks, card companies, financial technology upstarts and asset managers. He also covers the biggest IPOs on U.S. exchanges, and late-stage venture capital funding alongside news and regulatory developments in the cryptocurrency industry. His writing appears on the finance, business, markets and future of money sections of the website. He did his post-graduation from the Indian Institute of Journalism and New Media (IIJNM) in Bengaluru.












