European shares fell on Tuesday as Danish drugmaker Novo Nordisk saw its shares drop 7% after rival Eli Lilly announced positive results from a trial of its obesity drug. The broader market sentiment was also weighed down by U.S. President Donald Trump’s criticism of Federal Reserve Chair Jerome Powell, adding pressure to an already jittery market. The pan-European Stoxx 600 index was down 0.3% by mid-morning, with most sectors and major bourses in negative territory.
Technology
stocks
led the losses, with the Stoxx Europe Technology index falling 1.5%. Concerns about a potential global
trade war
persist, as Beijing threatens to retaliate against countries that follow Washington’s calls to isolate China. Traders are closely monitoring
news
from the IMF-World Bank Spring meetings in Washington this week, where the fallout from U.S. tariffs is likely to be a key topic.
In contrast, UK
stocks
bucked the trend, with the UK index trading 0.4% higher and on course for its seventh consecutive day of gains. The biggest gainers in London included Rentokil, Sainsbury’s, and JD Sports. Swedish biotech firm Biotage saw its shares jump 56.1% after a $1.2 billion buyout bid from private equity giant KKR.
Trump’s critique unsettles European markets
KKR offered shareholders 145 Swedish krona per share, and Biotage’s Board has recommended accepting the offer. Healthcare stocks were among the biggest losers on the Stoxx 600, with the Stoxx Healthcare index down 1.5%.
Novo Nordisk and Zealand Pharma fell by around 8.4% after Eli Lilly reported positive results from its obesity drug trial. Swiss pharmaceutical giant Roche announced it would
invest
$50 billion in the U.S. over the next five years to mitigate the impact of potential new tariffs on pharma goods. The
investment
is expected to create more than 12,000 jobs.
European currencies rallied as the U.S. dollar wavered. The euro, British pound, and Swiss franc all made gains against the dollar. A Bank of America survey showed that a net 61% of fund managers anticipate a decrease in the dollar’s value over the next 12 months.
Despite the mixed signals, European
markets opened higher
across the board, with indexes in the UK, Germany, France, and Italy all seeing gains.
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