European stocks rise on Trump election hopes; aerospace leads

European stocks extended their gains on Wednesday, with the STOXX 50 climbing 1.2% and the STOXX 600 rising 1.7% following a positive opening.

European stocks rise on Trump election hopes; aerospace leads

European markets joined a global stock rally after early U.S. election results suggested a higher likelihood of a Donald Trump victory, reigniting “Trump trades.” Aerospace and defense stocks surged in response, with notable gains in Leonardo (1.8%), BAE Systems (3.1%), Hexagon AB (3.5%), and Securitas (10%). On the other hand, clean energy stocks saw declines, with Vestas (-7.5%), Orsted (-8.9%), and RWE (-3.1%) all falling.

Novo Nordisk surges, BMW drops on earnings miss; Unicredit up

In earnings news, Novo Nordisk saw shares jump nearly 8% after its third-quarter results met expectations, while Unicredit rose 1.7% after raising its 2024 net profit forecast. Conversely, BMW shares dropped almost 4% after a 61% slump in third-quarter profits, missing analyst projections due to weak sales in China and brake-related issues.