LIVE MARKETS-STOXX dips, renewables rally on US subsidy clarity
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STOXX DIPS, RENEWABLES RALLY ON US SUBSIDY CLARITY
European shares opened a little weaker on Monday, with the STOXX 600 .STOXX hovering just below parity, as gains in battered renewables plays helped partly offset weakness in banks after a strong run this year.
Turbine maker Vestas VWS.CO was the top performer on the pan-European index, up 11% after the U.S. released eligibility guidelines for wind and solar subsidies.
"The changes are far less onerous than feared, and should give confidence in an extended up-cycle for Vestas’ US onshore business," wrote Citi
Gains spread across other renewables stocks such as EDP Renovaveis EDPR.LS, Orsted ORSTED.CO and RWE RWEG.DE, making utilities .SX6P the best performing sector in Europe.
Healthcare .SXDP also gained, supported by Novo NOVOb.CO after its obesity drug Wegovy won U.S. approval to treat liver disease. Banks .SX7P were under pressure, weighing on broader sentiment and eroding part of their over 40% surge this year.
Here is your opening snapshot:
(Danilo Masoni)
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EARLIER ON LIVE MARKETS:
BEFORE THE BELL: EUROPEAN FUTURES STEADY, NOVO JUMPS CLICK HERE
GEOPOLITICS DOMINATES, BEFORE FED TAKES THE STAGE CLICK HERE
EU open
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