European Markets Slump as Novo Nordisk Plunges and French Political Risks Mount

European equity markets experienced a sharp downturn today, triggered by a massive sell-off in Novo Nordisk shares and heightened political instability in France. Shares of the Danish pharmaceutical giant plummeted over 15% following disappointing clinical trial results for its next-generation obesity drug, CagriSema. The trial failed to show the drug's superiority over a competing treatment from Eli Lilly, dealing a significant blow to the company's growth outlook. Simultaneously, the French government is facing a fresh no-confidence vote, intensifying concerns over political gridlock in the Eurozone’s second-largest economy. While the broader market struggled, Finland’s quantum computing firm IQM announced plans for a public listing, providing a rare bright spot for the region's tech sector. Investors remain cautious as these domestic challenges coincide with broader uncertainties regarding international trade tariffs and their impact on the EUR/USD exchange rate.