European equities traded mostly higher on Monday as investors positioned themselves for a packed week featuring important U.S. economic releases and a series of monetary policy decisions from major central banks.
Markets largely brushed aside fresh data from Germany showing an acceleration in wholesale price inflation in November to its fastest pace in nine months. Wholesale prices increased 1.5% year over year, up from a 1.1% rise in October and the strongest reading since February.
By late morning, Germany’s DAX was up around 0.3%, while gains were stronger elsewhere, with the UK’s FTSE 100 and France’s CAC 40 both advancing about 1.0%.
On the corporate front, shares in health technology group Royal Philips slipped after the company announced an agreement to acquire SpectraWAVE.
Sanofi (EU:SAN) also came under pressure after the French drugmaker said its experimental therapy tolebrutinib failed to achieve its primary endpoint in a Phase 3 study. The company added that a U.S. regulatory decision on the treatment for a form of multiple sclerosis is now likely to be delayed again.
Hikma Pharmaceuticals (LSE:HIK) shares declined as well, following news that Chief Executive Officer Riad Mishlawi has stepped down by mutual agreement.
Defense stocks were broadly weaker after Ukrainian President Volodymyr Zelenskyy indicated a willingness to abandon Ukraine’s bid to join NATO following discussions with the United States.
In contrast, Sika (TG:SIKA) shares moved higher after the specialty chemicals group said it plans to acquire Finja for an undisclosed sum.
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