AI and Ozempic Were Europe’s Winning 2023 Stock Market Themes While Luxury Stalled
- Chip stocks, Novo Nordisk and Rolls-Royce rallied this year
- Luxury firms struggled while renewable energy shares slumped
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The frenzy around weight-loss drugs and artificial intelligence, followed by a late-year market rally, made 2023 memorable for European stocks. For investors in renewables and some big luxury names, it was more of a year to forget.
“Winners — and losers — have reflected global trends rather than local macro events,” said Lewis Grant, senior portfolio manager for global equities at Federated Hermes. The hype around obesity drugs that boosted Novo Nordisk A/S has been a worldwide phenomenon, while moves in luxury shares were driven by concerns about China’s economy.