European shares rose, supported by the gains of the pharmaceutical sector

European stocks rose on Wednesday, supported by gains in Novo Nordisk and other healthcare stocks, with eyes focused on the Federal Reserve’s interest rate decision later in the day.

The pan-European STOXX 600 was up 0.3% by 0814 GMT, after a 6.7% jump last month when it posted its biggest gain in January since 2015, on hopes of better-than-expected corporate earnings and signs of economic health.

Danish drugmaker Novo Nordisk rose 2.2%, leading healthcare shares, on expectations of strong sales growth in 2023.

Sweden’s Husqvarna shares also jumped 5.5 percent after the garden tools and equipment maker’s operating losses fell year-on-year, helped by 8 percent organic sales growth.

BMW shares rose 0.9 percent after the German car giant raised suggested retail prices for some models sold in China due to rising costs of raw materials and logistics worldwide.

The Federal Reserve will announce its decision on interest rates at 1900 GMT on Wednesday, and Chairman Jerome Powell will hold a press conference half an hour later.