The European stock markets surged in Wednesday trading following US elections that saw the Democrats take control of Congress.
The Stoxx Europe climbed 1.9%, Germany's DAX jumped 2.4%, the FTSE 100 advanced nearly 2%, France's CAC increased 2%, and the Swiss Market Index closed 2% higher.
Euro area annual inflation was estimated to be 4.0% in October, up from 3.8% in September, according to a flash estimate from Eurostat, the statistical office of the European Union. The reading met the expectations of analysts polled by Bloomberg.
Among the main components of euro area inflation, energy is expected to have the highest annual rate in October at 20.8%, up from 18.9% in September.
In corporate news, Novo Nordisk reported Q3 net sales of 79.20 billion Danish kroner ($8.59 billion), compared with 74.98 billion kroner a year earlier.
Analysts polled by FactSet expected 73.90 billion kroner.
The company said it now expects 2026 adjusted sales of between -2% and 2% at constant exchange rates, compared with a 0% to 6% decline previously, driven by increased expectations for GLP-1 product sales. Analysts surveyed by FactSet expect 302.75 billion kroner.
Separately, Novo Nordisk said its CFO, Karsten Munk Knudsen, will leave the company and Luigi La Corte will take over the role, according to a Reuters report.
Shares of the Danish pharmaceutical company rose over 5% in Copenhagen.
Smith & Nephew has ended discussions with Johnson & Johnson (JNJ) about a potential merger with the US company's orthopedics business earlier this year, the company said Wednesday.
The company did not disclose why the discussions ended but said it would continue to explore strategic options for the business. The company said it also trimmed its 2026 revenue growth guidance to around 3% on an underlying basis from around 4%.
Smith & Nephew said its revenue for Q3 was $1.55 billion, up from $1.50 billion a year earlier. Analysts polled by FactSet expected $1.56 billion.
Shares of the British medical device maker rose 6% in London.
TotalEnergies has signed an initial agreement to supply 900,000 tons of liquefied natural gas a year to China's Jiangsu Guoxin Group for 15 years starting in 2028, the company said Wednesday.
The fuel goes to a new LNG terminal in Rudong for gas supply and power generation, TotalEnergies said.
Shares of the French oil and gas major were off about 1% in Paris.
HSBC and JPMorgan Chase are ready to facilitate deals in the development finance sector after the world's development finance institutions agreed to lean more heavily on synthetic risk transfers and collateralized loan obligations, Bloomberg News reported Tuesday, citing the banks.
The agreement by development finance institutions and development banks opens a new business opportunity for commercial lenders, the news outlet reported, citing Faheen Allibhoy, head of JPMorgan's development finance and advisory team.
Both banks plan to send teams to the COP31 summit in Turkey, where leaders, finance executives and climate experts will discuss scaling financing for the world's poorest nations, according to the report.
Shares of HSBC advanced more than 4% in London.
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