11:51 AM EDT, 07/02/2026 (MT Newswires) -- European stock markets closed higher Thursday, paced by defense and luxury goods, while oil prices fell.

The Stoxx Europe 600 rose 1.6%, Germany's DAX 40 jumped 2.2%, the FTSE 100 advanced 1.9%, France's CAC 40 increased 1.8%, and the Swiss Market Index gained 1.9%.

In corporate news, Novartis received European Commission approval for its gene replacement treatment Itvisma to treat spinal muscular atrophy in patients aged 2 and older.

Shares of the Swiss pharmaceutical company gained 2.5% in Zurich.

Novo Nordisk is seeking lower prices from suppliers to lower its own expenses to remain competitive with rivals in the weight-loss drug market, news outlets reported.

Shares of the Danish pharmaceutical company rose 2.5% in Copenhagen.

AstraZeneca agreed to enter into a strategic collaboration with Abbisko Therapeutics to jointly advance the clinical development of a therapeutic candidate for non-small cell lung cancer.

AstraZeneca has entered into a collaboration, option and license agreement with CSPC Pharmaceutical to develop small interfering RNA (siRNA) therapies targeting kidney diseases.

Shares of the British pharmaceutical company surged 5.3% in London.

TotalEnergies agreed to sell its 85% interest in Block 2E offshore Malaysia to INPEX for $350 million.

Shares of the French oil and gas major increased 1.4% in Paris.

UBS Group plans to begin testing everyday banking services for its US employees as early as December, laying the groundwork for a full-service bank targeting wealthy American clients by mid-2027, the Financial Times reported.

Shares of the Swiss bank advanced 2.3% in Zurich.