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(Sharecast News) - European shares finished in the red on Wednesday as US President Donald Trump lined up the pharma industry in the latest episode of his tariff war, while also slapping an extra 25% duty on India for buying Russian oil.
The pan-regional Stoxx 600 index gave up morning gains to be finish 0.06% lower at 541.08. Germany's DAX bucked the trend to gain 0.25%, while France's CAC 40 was
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.
In a separate Presidential Order, Trump slapped an extra 25% tariff on goods from India, saying the country directly or indirectly imported Russian oil. He also said he would set up "a process for the potential imposition of similar tariffs on other countries that directly or indirectly import oil from the Russian Federation". The move means India now faces duties of 50%.
The new tariffs are set to go into effect in 21 days, according to the order.
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