LONDON European markets closed lower on Thursday, giving up early gains after the U.S. government shutdown ended. The pan-European Stoxx 600 index slipped 0.6%, with most sectors and major exchanges finishing in negative territory. The U.K.’s FTSE 100 dropped 1.05%, Germany’s DAX fell 1.39%, France’s CAC 40 declined 0.11%, Italy’s FTSE MIB edged down nearly 0.1%, and Spain’s Ibex 35 lost 0.23%.
Pharmaceutical stocks provided some upside, with Denmark’s ALK and Zealand Pharma gaining 11.5% and 5.2%, respectively. ALK raised its full-year growth forecast to 13–15% in local currencies, up from its previous 12–14% guidance, citing solid performance across all sales regions and product categories.
Luxury brand Burberry saw its stock surge as much as 7% early in the session after reporting its first comparable store sales growth in two years, but the shares later reversed course to close down more than 2%. Second-quarter same-store sales rose 2%, surpassing analyst expectations of a 1% increase, supported by stronger demand in the Americas and China.
Elsewhere, Siemens Healthineers fell 3.4% following reports that parent company Siemens plans to distribute its 30% stake in the medical technology firm to its own shareholders.
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