European Stocks Flat as Novo Nordisk Gains Offset Tech Losses

European stocks remained flat in early trading Wednesday, as gains in healthcare were counterbalanced by a decline in technology stocks. The pan-European STOXX 600 index edged down 0.07% at 0810 GMT.

Novo Nordisk (NYSE:NVO) surged 4.5% after posting a better-than-expected Q4 profit of $4.4 billion, boosting the healthcare sector by 1.2%. GSK jumped 6.3% after beating Q4 earnings estimates and raising its 2031 sales forecast.

Technology stocks weighed on the market, dropping 0.9%. ASML (AS:ASML) slipped 1.3%, following a lukewarm earnings report from Advanced Micro Devices (NASDAQ:AMD).

The automobile sector also struggled, falling 1.1%. Renault (EPA:RENA) slid 2.6%, dragging the sector lower.

Investors also monitored key economic indicators, including HCOB’s final composite PMI data for January, covering the eurozone, Germany, and other major economies in the region.

With mixed earnings and economic data influencing sentiment, European markets remained in a tight range.