(ADVISORY- Reuters plans to replace intra-day European and UK stock market reports with a Live Markets blog on Eikon - see cpurl://apps.cp./cms/?pageId=livemarkets for site in development. See the bottom of the report for more details)
MILAN, May 27 (Reuters) - European shares fell slightly in early trading on Friday, weighed down by weaker oil sector stocks and Spanish banks, although Roche soared on positive results from an interim analysis of one of its drugs.
The STOXX Europe 600 index and the pan-European FTSEurofirst 300 index were both down 0.2 percent by 0718 GMT. Both indexes had hit a 4-week high earlier this week.
Britain’s FTSE 100 fell 0.1 percent while Germany’s DAX retreated by 0.3 percent.
The STOXX Europe 600 Oil & Gas index fell 0.5 percent, making it the top sectoral faller, after crude oil prices slipped back below the $50-per-barrel mark..
Spain’s IBEX fell 0.4 percent, underperforming the rest of Europe as its banks continued to be hit by news of a surprise cash call at Banco Popular, which fell more than 6 percent.
However, Roche rose 3.6 percent after the Swiss drugmaker announced positive results for Gazyva drug in phase III study. Vontobel also lifted its target price on the stock to 330 Swiss francs from 309.
Today’s European research round-up
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Mike Dolan, Markets Editor EMEA. (Reporting by Danilo Masoni; Editing by Sudip Kar-Gupta)