Europe Stocks Fall, Novo Nordisk Shares Sink

European stock markets dropped in early action on Monday, as drug makers and oil firms moved lower, with investors getting little inspiration from Asia, where most markets were closed for holidays.

The Stoxx Europe 600 index lost 0.3% to 286.46, partly erasing a 1.2% gain from Friday. Shares of Novo Nordisk AS sank 14%, after some of the drug maker’s insulin failed to win approval from the U.S. Food and Drug Administration. Oil firms were also in decline, tracking oil prices lower.

Shares of BP PLC lost 0.7% in London, while Total SA shaved off 0.9% in Paris. The FTSE 100 index traded 0.1% lower at 6,256.82, while France’s CAC 40 index gained 0.1% to 3,652.63. Germany’s DAX 30 index fell 0.3% to 7,633.50.

Marketwatch