The "AZN stock forecast" for mid-2024 suggests a steady uptrend, aided by AstraZeneca’s aggressive push in rare disease therapeutics. Volume indicators and RSI levels (currently near 58) suggest neither overbought nor oversold conditions, implying room for gradual appreciation. The Euro Stoxx 50 Index is up +1.03% this morning, extending a record-breaking rally. Technology stocks jumped on Thursday, tracking their U.S. peers higher. Sentiment was also boosted after South Korea’s Samsung Electronics and SK Hynix signed letters of intent to supply memory chips for OpenAI’s data centers. Also, pharmaceutical stocks extended their rally as the U.S.-Pfizer deal helped ease some uncertainty in the sector. In addition, automobile stocks climbed, led by a more than +7% surge in Stellantis NV (STLAP.FP) after it reported a 6.4% increase in Q3 U.S. sales. Meanwhile, data from Eurostat released on Thursday showed that the Eurozone’s unemployment rate unexpectedly rose in August, raising the likelihood that the European Central Bank will cut interest rates next year after a period of pauses. In other news, Italy’s main business lobby, Confindustria, on Thursday lowered its economic growth forecast for this year to 0.5% from 0.6%, citing the impact of U.S. tariffs and geopolitical tensions on exports. In corporate news, Ferrari NV (RACE.M.DX) gained over +2% after HSBC upgraded the stock to Buy from Hold. At the same time, Experian Plc (EXPN.LN) slumped over -5% after FICO announced the launch of a cost-cutting direct license program for mortgage lending, which would cut out the margin that companies like Experian earn on the FICO credit score itself. Over the last 10 years, UK spending on medicines has fallen from 15% of the NHS budget to 9%, while the rest of the developed world spends between 14% and 20%. Positive data releases could serve as major price catalysts.
