European stocks rise on pharmaceutical sector gains, with ‎anticipation of Fed decision

European stocks rose on Wednesday, supported by gains in Novo Nordisk and other healthcare stocks, with eyes focused on the Federal Reserve’s interest rate decision later on Wednesday.

According to “Reuters”, the European Stoxx 600 index rose 0.3 percent by 0814 GMT, after a jump of 6.7 percent last month when it recorded its largest gain in January since 2015, hoping for better-than-expected profits for companies and promising signs. On the strength of the economic situation

Shares in the Danish pharmaceutical company Novo Nordisk rose 2.2 percent, leading the gains in the health care sector, based on expectations of strong sales growth in 2023.

Swedish Husqvarna shares also jumped 5.5 percent after the garden tools and equipment maker’s operating losses fell year-on-year, helped by organic sales growth of 8 percent.

BMW shares rose 0.9 percent after the German auto giant raised suggested retail prices for some models sold in China due to rising costs of raw materials and logistics worldwide.

The Federal Reserve will announce its decision on interest rates at 1900 GMT on Wednesday, and Chairman Jerome Powell will hold a press conference half an hour later.