On February 19, European stock markets displayed mixed outcomes, halting a three-day gain streak.
The day’s trading was notably quiet, affected by a U.S. holiday and a lack of impactful news.
The spotlight was on London’s FTSE 100, which edged up by 0.22% to 7,728.50 points, thanks significantly to AstraZeneca’s shares, which soared by 3.21%.
This surge came after the U.S. FDA approved AstraZeneca’s lung cancer drug, Tagrisso, for use in the United States, combined with chemotherapy.
This FDA approval marks Tagrisso as a key advancement in lung cancer treatment.
Trials have shown that Tagrisso, with chemotherapy, lowers the risk of disease worsening or death by 38% compared to standard care.
Dave Fredrickson, AstraZeneca’s EVP of Oncology, highlights the treatment’s potential, delaying disease progression by nearly nine months.
AstraZeneca stands out within the “Granolas,” a category coined by Goldman Sachs to describe high-market-cap companies showing exceptional performance and surpassing broader market indices.
This group includes renowned firms like GSK, Roche, and Nestlé, highlighting AstraZeneca’s significant market impact.
Elsewhere, Frankfurt’s DAX dipped slightly by 0.15%, while Paris’s CAC 40 remained steady.
France revises economic growth forecast to 1% from 1.4%, citing global conflicts, China’s slowdown, and Germany’s recessionary pressures
In Madrid, the Ibex 35 climbed by 0.59%, with notable gains from Grifols, Telefonica, and CaixaBank.
Lisbon’s PSI 20 also saw an uptick, whereas Italy’s FTSE MIB experienced a minor decline.
Temenos shares in Switzerland surged over 8% in a significant recovery, following disputed allegations from Hindenburg Research.
Market movements underscore the complex dynamics of international finance, where corporate news like AstraZeneca’s drug approval impacts global trends.