European shares closed flat on Wednesday, surrendering early session gains, as healthcare stocks felt the pinch from U.S. President Donald Trump's latest threat to impose higher tariffs on pharmaceutical imports.
The pan-European STOXX 600 index closed 0.06% lower, breaking its two-day winning streak despite starting the session on a positive note.
Healthcare stocks bore the brunt of the selling pressure. The sector index plunged 2.8% to its lowest level in more than three months after Trump unveiled a graduated tariff plan targeting pharmaceutical imports that could see levies on the sector jump up to 250% within 18 months.
The sector was also singed as Novo Nordisk warned it expects continued competition from copycat versions of its Wegovy obesity drug this year, a message that sent shares of the Danish drug maker down 5.4%.
Novo cut its full-year sales and profit forecasts last week, wiping $95 billion off its market value since then.
Meanwhile, Swiss President Karin Keller-Sutter met with U.S. Secretary of State Marco Rubio to discuss potential trade solutions after Trump announced a 39% tariff on Swiss goods.
Source : Reuters
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