Drugs and chips drive the STOXX
STOXX 600 down 0.4%
ASML, Novo fall
Wall Street futures fall
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DRUGS AND CHIPS DRIVE THE STOXX
European shares got off to a weaker start on Wednesday with moves in drugmakers and chip stocks driving price action.
Positive trial results from an obesity and diabetes drug developed by Roche ROG.S boosted shares in the Swiss group, but dragged rival Novo Nordisk NOVOb.CO, Europe's largest listed company and star performer, into a rare 5% drop.
Adding to the fall was the Dutch health care institute reportedly questioning Novo's Wegovy costs, traders said.
Rising geopolitical risks were hitting tech.
The U.S. has told its allies it was considering using tougher trade rules to crack down on China. These would apply to the likes of ASML and Toyko Electron 8035.T.
The news overshadowed strong earnings and bookings at ASML, pushing its shares down as much as 7.7% in Amsterdam .AEX, and helping drive Europe's tech index .SX8P down over 2%.
It was a good day for banks .SX7P following a profit beat at Swedish bank Handelsbanken SHBa.ST. Luxury tried to find a floor after two tough session marred by profit warnings from Burberry and Hugo Boss. LVMH LVMH.PA was last flat.
(Danilo Masoni)
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