European markets open lower as pharma sector faces pressure
European stock indices were sharply lower across the board on Friday. Yesterday, the UK’s FTSE 100 hit a fresh all-time intra-day high of 9,190. But it subsequently dropped back, falling below 9,100 in early trade this morning. Even today’s weakness in sterling (which usually helps to lift UK multinationals) failed to offer much support. Instead, the FTSE followed the rest of Europe into negative territory as US stock index futures compounded losses made yesterday.
Source: TN Trader
Across the continent, the pharmaceutical sector came under pressure following news that President Trump had sent letters to 17 drug companies, escalating regulatory scrutiny. Shares of Novo Nordisk fell around 4% in Copenhagen. AstraZeneca lost 3.9%, while other major players like GSK, Sanofi, and Novartis were also lower. The sector-wide sell-off dragged on broader market sentiment.
Elsewhere, earnings are in focus. Companies such as AXA, Daimler Truck, Melrose Industries, Saint-Gobain, Euronext, IAG, Pearson, and Engie are set to report results during the day. Bayer raised its 2025 sales forecast to a range of €46–48 billion and announced a €1.2 billion provision for ongoing Roundup litigation in the US. The company reports quarterly earnings on August 6.