European shares fall; US reform hurts drugmakers

LONDON, March 22 (BestGrowthStock) – European shares slipped for a
third day on Monday, with drugmakers down after the House of
Representatives approved an overhaul of the U.S. healthcare
system, while renewed worries over Greece hurt banks.

By 0811 GMT, the FTSEurofirst 300 (.FTEU3: ) index of leading
European shares was down 0.5 percent at 1,060.14 points, after
losing 0.4 percent on Friday.

Shares in pharmaceutical companies fell sharply, with the
STOXX Europe 600 health care index (.SXDP: ) down 0.5 percent,
after the U.S. House of Representatives approved a sweeping
healthcare reform.

Roche (ROG.VX: ), Novartis (NOVN.VX: ), GlaxoSmithKline (GSK.L: ),
AstraZeneca (AZN.L: ) and Sanofi-Aventis (SASY.PA: ) lost 0.1 to 1.6
percent.

“You might find the pharmas are somewhat friendless out
there at the moment,” said Stephen Pope, chief global equity
strategist at Cantor Fitzgerald in London.

However, Pope said European markets would likely focus on
the UK Budget and the meeting of European leaders at the end of
the week.

Banks were also weaker, as Greece’s debt situation remained
a concern. Credit Suisse (CSGN.VX: ), UBS (UBSN.VX: ), Barclays
(BARC.L: ), Deutsche Bank (DBKGn.DE: ) and BNP Paribas (BNPP.PA: )
fell 0.5 to 1.4 percent.

Among individual movers, Cable & Wireless Communications
(CWC.L: ) dropped 1.6 percent after demerging its worldwide
business.

Stock Market Money
(Reporting by Dominic Lau)

European shares fall; US reform hurts drugmakers