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Market Update : 
Pharmas Lead European Decline
Author: Elena Todorova
123jump.com
Last Update: 12:50 PM EST November 08 2006

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European stock markets finished down, reflecting cautious trading amid the election victory of the U.S. Democrats. Drug stocks were among the biggest losers on fears that if the Democrats win both the House and the Senate, they might enforce lower drug prices. AstraZeneca slipped 2%, GlaxoSmithKline dropped 1.6%, Novartis fell 1%, while Roche lost 0.5%. The German DAX 30 fell 0.2%, London FTSE lost 0.1%, while the French CAC 40 was flat at 5,437.10.

 
The U.S. dollar was lower against other major currencies in European trading Wednesday. The euro was quoted at $1.2792, up from $1.2771 Tuesday. The British pound was quoted at $1.9074, up from $1.9055. The dollar bought 117.55 Japanese yen, down from 117.68.
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