[MARKET ANALYSIS] European bourses higher across the board, Novo falls on disappointing Wegovy sales and DKK 6bln charge

European bourses continue to climb, with gains seen across the board. Focus will be on the potential announcement of the reopening of the Strait of Hormuz. On the data front, EZ and UK final PMIs printed a tick higher. For the EZ figure, S&P highlighted that the rise in the headline output index indicates quarterly GDP growth of 0.3%. For the ECB, S&P Global stated that, with the renewed flare-ups in the Middle East leading to upside risks to inflation, it should put policymakers in a more hawkish stance. However, with the PMI price gauges dropping markedly, it may provide a window for a delay of further hikes. Sectors point to a positive bias. Basic Resources top the sector pile, with Retail and Media rounding out the sector outperformers. To the downside is Banks, with Consumer Products & Services and Tech completing the bottom 3 laggards. Novo Nordisk reported earnings late on Tuesday, with Q2 revenue and Adj. Q2 revenue and Adj. EBIT beat estimates, and raised its FY26 EBIT guidance to between 0% and -6%. However, Wegovy pill sales disappointed (DKK 3.22bln vs exp. 3.3bln). Analysts at Sydbank explain that Novo's pipeline is a key reason for the near 4% drop in shares this morning, highlighting the disappointing data for its CagriSema compared to competitor Eli Lilly's (LLY) Mounjaro. To add, the Co. booked a DKK 6bln non-cash impairment charge related to intangible pipeline assets, Other key earnings include: Infineon (-5.2%), Q3 revenue beat but Segment and Net missed, with Q4 segment guidance also below consensus; Siemens Energy (+0.4%), Q3 revenue and orders beat and confirms FY26 view; Fresenius SE (+5.9%), Q2 revenue beat and raises its FY26 core EPS guidance; Glencore (+3.5%), H1 revenue topped estimates and announces an additional USD 1.5bln of shareholder return. US equity futures trade mixed, with the NQ printing modest losses. After hours, AMD reported Q2 metrics that beat estimates; however, shares are down over 8% pre-market after its outlook failed to meet lofty investor expectations. SpaceX also reported its first set of earnings; Q2 revenue beat consensus; however, it highlighted higher-than-expected capex on its AI business, resulting in shares falling nearly 10% pre-market.