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Mining Stocks Tumble as Traders Exit Metals
2 Feb
Summary
- European mining stocks decline amid unwinding of metals exposure.
- Novo Nordisk shares fell after a downgrade due to future concerns.
- Intensa Sanpaolo plans significant investor returns by 2029.
European mining stocks experienced a notable decline as traders began unwinding their positions in metals markets. This downturn is partly attributed to copper extending its slump from a recent record high, with gold and silver also seeing further price drops.
Novo Nordisk shares saw a decrease of up to 3.3% after receiving a downgrade from 'buy' to 'hold' by ABG Sundal Collier. The firm indicated that recent results do not sufficiently de-risk the company's investor narrative for 2026.
Conversely, Italian bank Intensa Sanpaolo SpA announced plans to distribute around €50 billion ($59.3 billion) to its investors by the year 2029. CEO Carlo Messina is focusing on a strategy that emphasizes shareholder payouts over pursuing significant business deals.
