LONDON Feb 11 European equities eased on
Monday, continuing the previous week's retreat from multi-month
peaks and dragged down by a sharp sell off in Novo Nordisk
after its key drug suffered a regulatory approval
The weakness in European equities was fairly broad with all
but two sectors in the red. Energy and mining stocks
were hit by falling commodity prices while continued
political turbulence in Italy and Spain weighed
on banks and on their national indexes.
The FTSEurofirst 300 provisionally closed down 0.7 percent,
at 1,154.03 points, continuing a correction from 2-year highs
set at the end of January which analysts said could have further
to run in coming sessions.
"At this juncture we are not buying further equities," said
James Butterfill, global head of equity strategy at Coutts.
"Fundamentally we do like equities but at this juncture, from a
technical short-term view ... we are being cautious."
Shares in Novo Nordisk plunged 13 percent, suffering their
worst fall in four years after U.S. regulators requested more
tests on its key new insulin drug, potentially delaying the
approval by several years and threatening the Danish firm's
long-term financial targets.