European markets close higher after choppy month; Delivery Hero gains almost 15%

LONDON — European stocks ended Friday in positive territory as investors digested the end of a choppy month.

The pan-European Stoxx 600 closed the session 0.2% higher, with major bourses and most sectors in positive territory.

November has been a volatile month for equities with fears of stretched AI valuations resurfacing, causing a rollercoaster of relief rallies and sell-offs adding to insights from the latest earnings season and uncertainty over monetary policy.

However, global markets were buoyed this week by rising expectations of an interest rate cut by the U.S. Federal Reserve when it next meets on Dec. 9-10.

Looking at individual stocks, Delivery Hero sat at the higher end of the index through the previous trading session. The German food delivery company soared 14.6% on Friday following a shareholder call for a strategic review, according to Bloomberg reporting.

While the European delivery sector continues to grow at a slower pace than in the U.S., investors are bullish on the chances of “value crystallization of some valuable assets” in Delivery Hero following those reports, said Clément Genelot, vice president equity research at Stifel.

A full acquisition by one player was “very unlikely”, Genelot told CNBC, but certain Delivery Hero assets like those in Korea, the Middle East and Latin America could entice buyers. Delivery Hero declined to comment when contacted by CNBC.

Danish pharmaceutical Novo Nordisk continued to be on investor agendas. Its shares ended 2% higher on Friday, reversing the previous session’s losses. On Wednesday, the U.S. Centers for Medicare and Medicaid Services announced the newly negotiated price for its bestseller drugs Ozempic and Wegovy from 2027. The new price for patients on Medicare will be $274, a 71% discount from its current list price.

British airline EasyJet closed 3% higher as investors reacted to its positive earnings on Wednesday, in which the firm raised profit forecasts for package holidays.

Shares of Germany’s Puma soared more than 18% on Thursday following a media report that Chinese sports multinational Anta Sports is preparing an acquisition bid. However, the stock dipped 1.3% on Friday.

Investors monitored defense stock moves on Friday as U.S. officials continue to attempt to broker a peace deal between Russia and Ukraine. Russian President Vladimir Putin broke his silence on the plan on Thursday and said his country is ready for “serious talks.”

The Stoxx Aerospace and Defense Index finished 0.1% lower.

The European benchmark notched upwards for the fifth consecutive month in November, with healthcare-related stocks leading the index. Roche and Bayer performed well after each posting strong trial data, while France’s Abivax is up well over 1000% year-to-date amid promising data around its ulcerative colitis drug.

Tech names experienced swings as fears around an AI-fueled bubble and stretched valuations in the U.S. spilled over to Europe. ASMI, which supplies equipment to chipmakers, is down nearly 15% on the month, while Dutch chip equipment maker ASML is around 2% lower over the same time period.

ASMI closed the session up 0.6%, while ASML gained 0.7%.

Defense stocks have also seen losses, with Germany’s Hensoldt down by nearly 25% this month amid delayed growth guidance at its capital markets day.

In terms of data, a handful of European member states released preliminary inflation data on Friday.

U.K. car production data from The Society of Motor Manufacturers and Traders came early in the day, revealing a fall of 23.8% year-on-year in October 2025, following a cyberattack on Jaguar Land Rover that halted production for over two weeks.

Investors also watched Stateside commodities on Friday after a cooling issue at CME Group’s CyrusOne data centers halted trading in futures markets.

“Support is working to resolve the issue in the near term and will advise clients of Pre-Open details as soon as they are available,” CME Group said in a statement on its website.

Asia-Pacific markets traded mixed Friday, while U.S. stock futures were little changed Thursday night during a holiday-shortened week. The Nasdaq Composite is on track to end a seven-month winning streak.

— CNBC’s Jordan Butt contributed to this report.