European Markets End November Mixed; Delivery Hero Surges Over 15% Amid Strategic Review

European stocks closed Friday with a mixed performance as investors digested a volatile month of trading. The pan-European Stoxx 600 hovered flat in mid-morning trading in London, paring earlier gains. While some benchmarks like the CAC 40 and FTSE 100 edged slightly higher, others such as Italy’s FTSE MIB and Spain’s IBEX 35 showed minor declines, reflecting lingering uncertainty in the market.

November has been a rollercoaster for equities, fueled by fears of inflated AI stock valuations and investor reactions to corporate earnings. Yet optimism for a potential U.S. Federal Reserve interest rate cut in December offered some relief. Analysts note that the combination of earnings results and monetary policy speculation has kept markets on edge, driving a cycle of rapid rallies and sudden sell-offs.

Delivery Hero stole the spotlight, gaining 15.3% after a shareholder call prompted a strategic review, according to Bloomberg. Meanwhile, Danish pharma giant Novo Nordisk rebounded 3% after the U.S. Centers for Medicare and Medicaid Services announced significant drug price reductions for its top products starting in 2027. European healthcare stocks like Roche and Bayer also contributed to a positive monthly performance for the Stoxx 600.

Other sectors showed varied results: EasyJet rose 1% on upbeat earnings and raised package holiday profit forecasts, while Puma shares surged over 18% after reports of an acquisition bid from China’s Anta Sports, though they slipped nearly 2% the next day. Defense stocks remained subdued amid ongoing U.S.-brokered discussions for a Russia-Ukraine peace deal, with the Stoxx Aerospace and Defense Index just below the flatline.

Investors also tracked macroeconomic data, including U.K. car production numbers that showed a sharp drop due to Jaguar Land Rover’s cyberattack, and the expected preliminary inflation figures from several European nations. Across the Atlantic, CME Group reported temporary trading disruptions in U.S. futures markets caused by a data center issue. Mixed Asia-Pacific sessions and steady U.S. futures suggested that global markets are cautiously positioning ahead of the holiday season.

source: cnbc