Defense, Novo and Nestle: 2024 Highs and Lows in European Stocks
- Siemens Energy quadrupled, while deals and rates lifted banks
- Autos and luxury slid on China jitters, Novo gave up big gains
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A big rally in defense stocks, deal-fueled gains in banks and a surge in Siemens Energy AG shares were among the main highlights for European stocks in 2024, a year that again saw the region struggle to keep pace with the US.
Many of Europe’s biggest names were stuck in the doldrums, including luxury bellwether LVMH Moet Hennessy Louis Vuitton SA and foodmaker Nestle SA, whose shares are set for their biggest annual drop on record. Like LVMH, automakers such as Stellantis NV were weighed down by China worries, while obesity-drug hype started to fade, evidenced by Novo Nordisk A/S surrendering a more than 40% gain in the first half of the year.