European shares slide to 3-week lows as healthcare stocks hit; new US tariffs in focus

Published on 08/01/2025 at 03:43 am EDT - Modified on 08/01/2025 at 03:46 am EDT
(Reuters) - European stocks hit a 3-week low on Friday at the end of a busy week as investors worried about the impact of fresh U.S. levies on dozens of countries including a 39% rate on Switzerland.
On the day, healthcare stocks dropped 1.3% after U.S. President Donald Trump sent letters to the leaders of 17 major pharmaceutical companies including Novo Nordisk and Sanofi outlining how they should slash U.S. prescription drug prices.
Novo Nordisk shed 4.2%, falling to an almost three-year low, while Sanofi shed 1%.
The pan-European STOXX 600 index fell almost 1% by 0720 GMT, down for the third straight session and on track to end the week in red.
The benchmark index has slipped 4.4% from its Monday peak, when it came within 1.8% of its March all-time high, dragged down by a record plunge in Novo Nordisk shares following a profit warning, and as investors assessed the implications of the U.S.-EU trade deal.
Trump continued his tariff blitz, announcing steep levies on exports from dozens of trading partners including Canada, Brazil, India and Taiwan with countries not listed subject to a base 10% rate ahead of a Friday trade deal deadline.
Germany blue-chip DAX shed 1.1% while Denmark's OMXC fell 2.8% to a nearly two-year low. Most regional bourses were in the red.
Among individual stocks, Italy's Campari was the top gainer on the STOXX 600 index, adding 8.6% after reporting an increase in second-quarter operating profit.
British Airways owner IAG gained 2.1% after reporting better-than-expected quarterly earnings on continued demand for transatlantic routes.
( Reporting by Twesha Dikshit; Editing by Mrigank Dhaniwala )

Sumber : Reuters