STOXX up 0.5%
Euro zone PMI for February held steady at 50.2
Standard Chartered up after $1.5 billion buyback programme
Novo up after US removes Wegovy, Ozempic from shortage list
Updates to market close
By Pranav Kashyap and Johann M Cherian
Feb 21 (Reuters) - European shares settled near a record high on Friday and marked their longest streak of weekly gains in nearly a year, while Germany's DAX dipped as investors braced for the country's upcoming snap elections.
The pan-European STOXX 600 index added 0.5%, recovering from a one-week low on Thursday.
Healthcare stocks were among the top boosts to the index after the U.S. Food and Drug Administration said there was no longer a shortage of Novo Nordisk's
The index was set for marginal weekly gains of 0.2%, logging its ninth straight week of advances — the longest since March 2024.
Throughout the week, investors maintained a cautious stance, evaluating the implications of U.S. President Donald Trump's tariff threats, a potential peace deal between Russia and Ukraine and the need to increase domestic military spending.
Investors will now turn their attention to on Sunday that could result in a conservative-led government likely to spend more to boost the economy, or a heavily split vote that leads to drawn-out coalition negotiations and political deadlock.
The country's benchmark index dipped 0.2%, while domestically focused midcaps , which analysts say are set to benefit if the constitutional debt brake is lifted, inched up 0.4%. On a year-to-date basis, midcaps have lagged the more export-focussed DAX, owing to a sluggish domestic economy.
Barclays' European equity strategists led by Emmanuel Cau said midcaps lagging suggest "that investors ascribe a low probability of successful growth-oriented policies from the new government. Both (the indexes) could thus benefit if the election result makes a grand coalition with two-thirds majority possible."
In a reprieve for Germany's private sector, data business activity picked up slightly in February, although more broadly, euro zone business activity tepid growth.
Meanwhile, UK's Standard Chartered rose 3.7% after the lender a new $1.5 billion share buyback after reporting an 18% rise in annual profit.
Banks added 1% and emerged as the standout performer of the week, poised to secure its ninth consecutive weekly gain — the longest streak since February 1997.
Among others, the food and beverage index jumped 2.2% after three-straight sessions of losses.
Air Liquide added 3.2% after the industrial gases supplier its medium-term operating margin guidance and its 2024 sales slightly beat market expectations.
Ireland's Kingspan jumped 13% after the company reported 2024 results, while Elekta
(Reporting by Pranav Kashyap and Johann M Cherian in Bangalore; Editing by Janane Venkatraman, Shinjini Ganguli and Ros Russell)
((Pranav.Kashyap@thomsonreuters.com [Pranav.Kashyap@thomsonreuters.com]; +919886482111;))
