Technology and pharmaceutical sectors are seeing significant developments, with Google (GOOGL) advancing its largest acquisition and Novo Nordisk (NVO) facing scrutiny over drug pricing. Meanwhile, European economies present a mixed picture, as France's industrial output surprises on the upside while Sweden's services sector shows a slight slowdown.
Google's $32 Billion Wiz Acquisition Clears DOJ Hurdle
Alphabet Inc.'s Google (GOOGL) has successfully navigated a key regulatory obstacle, with the U.S. Department of Justice concluding its antitrust investigation into the proposed $32 billion acquisition of cybersecurity firm Wiz Inc. This development paves the way for the tech giant to proceed with what would be its largest acquisition to date, aiming to bolster its cloud security offerings. The deal has been under review to determine its potential impact on competition in the cloud security marketplace.
French Industrial Production Outperforms Expectations
In a positive sign for the European economy, France's industrial production significantly exceeded forecasts in October. Industrial production (M/M) rose by 0.8%, far surpassing the estimated 0.1% increase and reversing a previous decline. On a year-over-year basis, industrial production grew by 1.3%, also outperforming the 0.6% estimate. Manufacturing production similarly saw strong gains, increasing by 0.9% month-over-month and 1.5% year-over-year. This robust performance indicates a healthier-than-anticipated start to the fourth quarter for French industry.
Novo Nordisk CEO Addresses GLP-1 Drug Price Cut Rumors
The CEO of Novo Nordisk (NVO) has refrained from commenting on persistent rumors regarding a potential deal with the White House to cut prices for its popular GLP-1 drugs. This follows previous remarks from President Trump suggesting that the cost of these weight-loss medications, such as Ozempic, could be reduced to as low as $150 per month from their current list prices, which can exceed $1,000. The ongoing discussions and speculation highlight the intense political and public pressure on pharmaceutical companies regarding drug affordability.
Hon Hai Reports Strong October Sales
Hon Hai Precision Industry (2317.TW), also known as Foxconn and a key supplier to major tech companies, announced an 11.3% increase in its October sales. This strong performance underscores continued demand in the technology manufacturing sector, particularly for components related to AI infrastructure. The company's consistent growth reflects its crucial role in the global electronics supply chain.
Swedish Services PMI Declines in October
Activity in Sweden's services sector experienced a decline in October, with the Swedbank/Silf PMI Services index falling to 55.4. This is a decrease from the upwardly revised 57.9 recorded in the previous month and missed the estimated 57.1. While still above the 50-point threshold indicating expansion, the dip suggests a moderation in the pace of growth for the Swedish services sector. The composite PMI also fell to 55.3 from a revised 57.2.
Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications.