Europe bulletin: Novo Nordisk's crash, IQM's quantum leap, French crisis

European markets opened the week on shaky footing, with sharp moves in healthcare, deep tech and trade policy reshaping the landscape.

Novo Nordisk tumbled after a clinical setback cast doubt on its obesity pipeline, while Finland’s IQM unveiled plans to go public in a rare European quantum listing.

At the same time, fresh tariff uncertainty clouded UK-US trade ties and France’s government faced another no-confidence test, underscoring persistent political strain across the region.

Novo Nordisk stock crashes 15%

Novo Nordisk shares slid more than 15% on Monday after the Danish drugmaker said CagriSema, its next‑generation obesity treatment, missed a trial goal of matching Eli Lilly’s tirzepatide on weight loss.

The drop erased the last of Novo’s gains since Wegovy’s launch and left the stock near levels last seen before the blockbuster reshaped the company’s valuation, with roughly $400 billion shaved off from its 2024 peak market cap.

J.P. Morgan analysts called the result a meaningful setback that could limit CagriSema's demand and make it harder for Novo to regain share in the booming obesity market in the coming quarters.

Finland's IQM seeks quantum leap

Finnish quantum-computing firm IQM said it plans to go public via a SPAC merger that would value the company at about $1.8 billion, positioning it among Europe’s first listed pure-play quantum names.

IQM will merge with Real Asset Acquisition Corp. and expects the deal to close around June, subject to shareholder and regulatory approvals, with a possible secondary listing in Helsinki also under consideration.

CEO Jan Goetz said IQM isn’t pursuing US federal funding, even as governments ramp up interest in quantum tech for security and defense applications.

IQM says it has delivered 21 systems to 13 clients as it pushes toward commercialisation.

Trump tariffs may not change UK-US trade deal

Britain does not expect President Donald Trump’s new 15% global tariff to affect most of the UK-US economic deal struck last year, a spokesman for Prime Minister Keir Starmer said on Monday.

The spokesman said Britain’s trade minister, Peter Kyle, has raised concerns with US Trade Representative Jamieson Greer about the uncertainty the new levies could create for businesses.

The UK had negotiated a lower reciprocal tariff rate of 10% under the deal, but officials are now bracing for the possibility that exporters face higher duties.

London said talks will continue this week and stressed that “nothing is off the table,” including retaliation.

​French government faces fresh crisis

France’s far-right National Rally filed a no-confidence motion against Prime Minister Sébastien Lecornu’s government on Monday, protesting a new energy law that sets the country’s long-term energy targets.

The motion is widely expected to fail because the Socialist Party, a key swing bloc in France’s fragmented National Assembly, has said it will not back the effort.

The move follows the government’s decision to push through an energy strategy by decree, which RN leader Marine Le Pen said bypassed parliamentary scrutiny and would raise costs for households and businesses.

Lecornu’s minority government has already survived two no-confidence votes this month.

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