Europe midday: Shares go red as Trump threatens pharma with tariffs
By Frank Prenesti
Date: Wednesday 06 Aug 2025
(Sharecast News) - European shares slid into negative territory at midday on Wednesday as US President Donald Trump lined up the pharma industry in the latest episode of his tariff war.
The pan-regional Stoxx 600 index gave up morning gains to be down 0.07% at 541 at 1200 BST.
Trump said he would initially impose a "small tariff" on pharmaceutical firms before raising it to 150% within 18 months, and eventually to 250%. The news dragged the sector down, with Novartis, Roche and Novo Nordisk all lower.
On the economics front, eurozone retail sales rose more than expected in June, according to official figures released on by European Union statistics agency Eurostat.
Retail sales in the bloc grew 3.1% on the same month a year earlier, beating expectations for a 2.6% jump.
Meanwhile the downturn in the eurozone construction sector deepened in July, according to a survey. The HCOB eurozone construction PMI total activity index fell to 44.7 from 45.2 in June. This marked the strongest rate of decline since February, with the index below the 50.0 mark that separates contraction from expansion for 39 months in a row.
In equity news, shares in UK insurer Hiscox gained after results.
Beiersdorf slumped as the German chemical consumer goods group and maker of Nivea cream lowered full year sales guidance. Coca-Cola HBG tanked despite forecasting full year performance at the top end of guidance.
Siemens Energy fell despite the company posting a record quarterly order intake. Mining giant Glencore was lower on weaker first-half profits on the back of falling coal prices and declining copper volumes.
Novo Nordisk was also lower after the Danish drugmaker maintained its full-year outlook, just days after slashing its 2025 sales forecasts.
Reporting by Frank Prenesti for Sharecast.com
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