European stocks extend gains as Adidas propels DAX to record high

(Reuters) - European stocks extended their recent run of gains on Wednesday, with strong holiday-quarter performance from Adidas (OTC:) pushing German shares to record highs and healthcare stocks posting strong gains.

The pan-European was up 0.5%, as of 0822 GMT, and trading at its highest level since Sept. 27, 2024.

Heavyweight healthcare stocks led the charge, rising 1.1%, boosted by a 2.7% uptick in drugmaker Novo Nordisk (NYSE:).

Shares of Adidas jumped 6% after the German sportswear brand reported what it said were better-than-expected preliminary fourth-quarter results, with strong sales and profitability for the important holiday shopping period.

Puma (OTC:) rose 2.5%, while Germany's benchmark index outperformed its regional peers, adding 0.9% to touch a record peak.

The upbeat mood in markets came even as U.S. President Donald Trump pledged to hit the European Union with fresh levies and said his administration was discussing imposing a 10% tariff on goods from China on Feb. 1.

In other stocks, Schaeffler tumbled 15% after the German automotive supplier reported lower-than-expected preliminary results for 2024.