Doha: European stock indices closed lower at the end of Wednesday’s trading, as China more than doubled its tariffs on US imports. The pan-European Stoxx 600 index fell 3.5 percent.
According to Qatar News Agency, the healthcare sector fell 5.8 percent, hitting its lowest level since October 2022. Shares of pharmaceutical giants Roche, Novartis, Novo Nordisk, and AstraZeneca plunged between 6.9 percent and 5.8 percent.
German stocks fell 3 percent. Shares of interest-rate-sensitive banks fell 3.1 percent, as traders expected the European Central Bank to cut interest rates next week to support the slumping economy. Energy stocks also fell 5 percent as oil prices fell to four-year lows, and mining stocks fell 3.7 percent on concerns about slowing demand from China, the largest consumer of metals. Shares in Germany’s Redker Pharmacy fell 16.7 percent after announcing a convertible bond offering.