European shares pull back after Fed-inspired rally; Lundbeck slumps

By: | Published: September 23, 2016 2:24 PM

European shares fell in early trading on Friday, pulling back from two-week highs hit in the previous session following the US Federal Reserve's decision to push back on its next rate increase.

Lundbeck slumped 16.6 percent, the biggest STOXX 600 faller, after the Danish drug maker's highly anticipated idalopirdine Alzheimer's drug failed in a late-stage study. (Reuters)Lundbeck slumped 16.6 percent, the biggest STOXX 600 faller, after the Danish drug maker’s highly anticipated idalopirdine Alzheimer’s drug failed in a late-stage study. (Reuters)

European shares fell in early trading on Friday, pulling back from two-week highs hit in the previous session following the US Federal Reserve’s decision to push back on its next rate increase.

By 0708 GMT, the pan-European STOXX 600 index was 0.4 percent lower, retreating a touch after having closed at its highest level since September 9 in the previous session.

The index is down more than 5 percent so far this year.

Lundbeck slumped 16.6 percent, the biggest STOXX 600 faller, after the Danish drug maker’s highly anticipated idalopirdine Alzheimer’s drug failed in a late-stage study.

Miners and banks were the biggest sectoral fallers with the STOXX Basic Resources and the STOXX Bank indexes down 1.3 and 0.7 percent respectively.

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