LONDON — European markets are expected to open in the red, extending losses for a second day after hitting record highs last week.
United Kingdom FTSE100 is down almost 0.2%, the CAC is expected to be 0.1% below the flat line, and that of Germany DAX is ready for a smooth opening, according to IG Group data.
The pan-European Stoxx 600 index ended the previous session down 0.1% on Monday. Still, the benchmark index is up 14% this year and, with a week to go, it appears on track for its third straight year of gains.
Investors will be closely watching Novo Nordisk shares after the Wegovy maker won FDA approval for the first-ever GLP-1 pill, giving the Danish company a head start over its U.S. rival. Elie Lilly.
Elsewhere, Danish renewable energy giant Orsted fell 13% on Monday after the US Department of the Interior announced the suspension of leases on five offshore wind projects already under construction. Orsted successfully challenged the Trump administration’s shutdown order on the nearly completed Revolution Wind project off the coast of Rhode Island when it was halted earlier this year.
Spain’s GDP data is due on Tuesday.
Asia-Pacific markets opened mostly higher on Tuesday, after AI trading sent major Wall Street indexes higher overnight. In the United States, stock futures traded near the flat line Monday evening after a strong start to a shortened trading week.
—Elsa Ohlen of CNBC and Lim Hui Jie contributed to this report.
