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
Asia-Pacific markets traded mixed Tuesday with focus on the Reserve Bank of Australia's interest rate decision later in the day. The RBA is expected to hold its cash rate steady at 3.6%, according to...
US stocks closed higher on Monday as investors tried to stabilize the market following last week's losses driven by cracks in AI-related trading and concerns over new tariffs. The S&P 500 rose 0....
European stock markets edged higher on Monday, as investors looked ahead to a trading week due to feature key economic data and a potential U.S. government shutdown. The pan-European Stoxx 600 had cl...
Stocks rose on Monday as Wall Street tried to regain its footing after a week in which the artificial intelligence trade lost some steam. The Dow Jones Industrial Average traded 70 points higher, or ...
The STOXX 50 went up 0.3% and the STOXX 600 rose 0.2% on Monday, tracking a general positive tone across European equity markets in Asia and the US. Traders were also digesting corporate news and eco...
In a statement after the September policy meeting, the Reserve Bank of Australia said: "With signs that private demand is recovering, indications that inflation may be persistent in some areas and labour market conditions overall remaining stable,...
Silver traded around $47 per ounce on Tuesday and was set to advance almost 20% in September as safe-haven demand strengthened amid the risk of a US government shutdown. The standoff comes as President Donald Trump has made little progress in...
Hong Kong stocks opened higher on Tuesday, following Wall Street's rally, amid hopes of fresh stimulus after a report showed China's manufacturing activity remained weak. The Hang Seng Index rose 0.4% to 26,736.44, while Hang Seng Tech added 1%....
Asia-Pacific markets traded mixed Monday, while the Reserve Bank of Australia will kickstart its two-day policy meeting where it is expected to hold...
The STOXX 50 went up 0.3% and the STOXX 600 rose 0.2% on Monday, tracking a general positive tone across European equity markets in Asia and the...
The U.S. on Monday cracked down on companies in China and other countries that use subsidiaries or other foreign affiliates to get around curbs on...
Federal Reserve (Fed Bank of New York President John C. Williams hit the newswires on Monday, expressing his general cautiousness toward further...