Pfizer has dropped its plans for a twice-daily weight-loss pill after trials showed it caused significant side effects.
Stocks rose ahead of a speech by US Federal Reserve chair Jerome Powell, which could give an insight into the Fed's thinking on interest rates.
European stock markets rose Friday, extending November’s positive momentum on renewed hope that the European Central Bank has completed its rate-hiking cycle. European stocks recorded in November their best month since January, as easing inflation boosted talk that the European Central Bank is done with aggressive rate hikes. ECB officials have been keen to play down expectations of rate cuts next year, but the new governor of the Bank of Italy, Fabio Panetta, who is also a member of the ECB’s governing council, said on Thursday that the ECB must not cause "unnecessary damage" to the economy and financial stability through sustained high interest rates.