September 23, 2016 / 7:21 AM / 2 years ago

European shares pull back after Fed-inspired rally; Lundbeck slumps

(ADVISORY- Follow European and UK stock markets in real time on the Reuters Live Markets blog on Eikon - see cpurl://apps.cp./cms/?pageId=livemarkets)

MILAN, Sept 23 (Reuters) - European shares fell in early trading on Friday, pulling back from two-week highs hit in the previous session following the U.S. Federal Reserve’s decision to push back on its next rate increase.

By 0708 GMT, the pan-European STOXX 600 index was 0.4 percent lower, retreating a touch after having closed at its highest level since Sept. 9 in the previous session.

The index is down more than 5 percent so far this year.

Lundbeck slumped 16.6 percent, the biggest STOXX 600 faller, after the Danish drug maker’s highly anticipated idalopirdine Alzheimer’s drug failed in a late-stage study.

Miners and banks were the biggest sectoral fallers with the STOXX Basic Resources and the STOXX Bank indexes down 1.3 and 0.7 percent respectively. (Reporting by Danilo Masoni; Editing by Sudip Kar-Gupta)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below