European stocks moved higher on Wednesday, supported by strong gains in retailers and healthcare. Spanish fashion giant Inditex surged after posting its second-quarter results, while Novo Nordisk also advanced following a major restructuring announcement.
The pan-European STOXX 600 index rose 0.4% to 554.9 points at 07:15 GMT, reaching a near two-week high.
Retailers led the rally with a 2.2% jump. Inditex shares climbed 6%, as the Zara owner reported faster sales growth heading into the autumn season. This positive momentum overshadowed weaker-than-expected sales during the second quarter.
Novo Nordisk stock gained nearly 2% after the company revealed plans to cut about 11.5% of its workforce. The restructuring is expected to deliver around $1.26 billion in annual savings, helping the Danish firm stay competitive in the weight-loss drug sector.
European technology stocks also had a strong session. German software group SAP and Dutch chip equipment maker ASML each rose about 1%. U.S. tech giant Oracle boosted sentiment further, as its Frankfurt-listed shares surged 30% after reporting more than half a trillion dollars in cloud orders.
