European Stocks Decline as Trump Tweet Drags Drugmakers Lower
(Bloomberg) -- Declines in health-care shares sent European stocks lower for a fourth day after U.S. President Donald Trump vowed to lower the cost of medicines.
The Stoxx Europe 600 Index fell 0.3 percent at the close. Shire Plc, Novartis AG and Hikma Pharmaceuticals Plc led losses among drugmakers, down at least 1.6 percent each, after Trump said in a Twitter post he's working on a “new system where there will be competition in the drug industry.”
- The Stoxx 600 has fallen in recent sessions after surging to a 15-month high last week on rising bets for a Federal Reserve rate increase. Traders are pricing in a 98 percent chance of a hike at next week's Fed meeting.
- Investors will also focus on the European Central Bank on Thursday. No major changes to policy are expected, according to a Bloomberg survey of analysts, though respondents predict a change to quantitative easing will be announced in September.
- French presidential candidate Francois Fillon, under suspicion of misusing public funds and is facing a criminal probe, has won the support from the leadership of his Republican party to stay on as a candidate in the race. France's CAC 40 index lost 0.4 percent.
- Still, Jefferies equity strategists upgraded French equities to bullish from modestly bullish. “Both European and French macro data continues to improve,” they wrote in a note. “The technical backdrop for the equity market also appears constructive.”
- Aggreko Plc fell 13 percent, the most among Stoxx 600 members, after saying revenue fell last year and profit before tax will be lower in 2017.
--With assistance from Elena Popina
To contact the reporter on this story: Aleksandra Gjorgievska in London at agjorgievska@bloomberg.net.
To contact the editors responsible for this story: Celeste Perri at cperri@bloomberg.net, Todd White, Namitha Jagadeesh
-
Navigating Energy Crossroads: S Jaishankar's Call For Diversified Supply Chains At G20 Ministerial Meeting
As geopolitical fault lines continue to test maritime trade routes and commodity flows, Jaishankar's message remains pertinent: true economic resilience requires open markets, protected transit lines, and a genuine commitment to multilateral cooperation rather than coercion.
-
Indians Are Travelling, But Not Every Journey Is A Holiday | The Week In Whys
Pilgrims, patients and working women are the real travellers, and the system hasn't quite caught up with them.
-
Getting To Work Costs Women More | The Reason Why
It is not just about women paying more than men. It is about women paying much more in cities than in villages.
-
AI Bias In Investing Cannot Be Eliminated, But It Can Be Governed
Framing is a particularly important example as identical financial information presented in terms of gains rather than losses can lead an LLM to reach a different assessment.
-
Joining The Dots | Dark Skies, Steady Diya: Why Hope Holds This Diwali
With war, a weak rupee and foreign outflows weighing on sentiment, policymakers at the NDTV World Summit and market veterans at NDTV Profit Ignite: Diwali Edition offered the same advice: stay invested and filter out the noise.
-
The Curious Case of Equitas Small Finance Bank And A CEO Who Quit For Stock
PN Vasudevan believes persistent investor concerns over a perceived conflict of interest had become a governance overhang on Equitas Small Finance Bank's stock, even as the lender improved profitability and asset quality.
-
Talking Points This Week: AI Cash Burn, A Tiger Comeback And An India That Still Finds Its Own Path
India is not immune to higher oil or tighter global liquidity, yet its earnings base is broader, its domestic policy levers are still available.
-
Foreign Investors Own Half Of HDFC Bank and ICICI Bank. An LTCG Cut Could Matter Most Here
Foreign portfolio investors have US$115 billion parked in HDFC Bank, ICICI Bank. If the government cuts long-term capital gains tax, Jefferies says returning foreign money could land here first.
-
'Never Seen This Level Of Negativity': Sandeep Tandon Says The Next Rally May Be Closer Than You Think
Veteran investor Sandeep Tandon says foreign selling is easing, large-caps are due a comeback and mid-caps are crowded, while he turns positive on gold, power and pharma this Diwali.
