European stocks lost gains and fell at the close today, Monday, while AstraZeneca led the decline in healthcare stocks to cover gains in Generali and mining stocks, which received support on hopes of a stronger Chinese economy. incentive policy.
The pan-European Stoxx 600 fell 0.2% after gaining 0.4%, starting the first day of the second half of the year with a decline.
Shares of British pharmaceutical company AstraZeneca fell 8%, their worst daily performance since March 2020, after analysts questioned the wisdom of launching an experimental lung cancer drug, Reuters reported.
The broader health sector index fell 2%, outpacing declines in other sectors.
Mining stocks rose the most, climbing 2.2%, with prices of most metals rising on hopes that the Chinese government will implement a stronger economic stimulus package after data showed activity at the Asian giant’s factories in June slowed down.
Shares of Ascuraczione Generali reached their highest level in more than a year and last rose by 3.4% after news that the Italian insurance regulator allowed Delfin Investments to increase its stake in the company to more than 10% sparked speculation about a renewed takeover battle among investors about the company.
The pan-European STOXX 600 index as a whole rose by 8.7% in the first half of the year, mainly due to strong growth at the beginning of 2023. However, it later eased as sentiment was dampened by a weak economic recovery in China and evidence of a slowdown in growth. in the euro region.
