Europe’s largest listed companies are facing their worst year since 2020, with six of the top names in the red due to the soaring success of US megacaps. Novo Nordisk A/S saw a $93 billion decline in shares, wiping out its gains for the year, while Nestle SA and LVMH Moet Hennessy Louis Vuitton SA also fell into deficit. The decline mirrors the struggles of other European giants, which have failed to keep pace with the double-digit returns of US tech stocks powered by the ‘Magnificent Seven’.
Source: https://www.bloomberg.com/news/articles/2024-12-22/europe-s-big-stocks-are-shrinking-deeper-into-us-megacaps-shadow