RTRS: Europe stocks dip as financial woes offset pharmas
European stocks lost ground on Wednesday, ending at their lowest level in a week, as Washington's fresh banking rescue plan got a lukewarm reception while investors digested a raft of mixed earnings.
But the drop was limited by a rally among pharmaceutical shares after Sanofi-Aventis (SASY.PA) posted better-than-expected results and investors applauded the company's new growth strategy.
Sanofi gained 8 percent and AstraZeneca (AZN.L) rose 1 percent. The FTSEurofirst 300 .FTEU3 index of top European shares unofficially closed 0.2 percent lower at 804.28 points, the lowest closing level since Feb 3.
"As long as we don't get signals that the bottom has been reached for consumer spending and on investment spending, stocks will remain very volatile and stuck in a bear market," said Alexandre Iatrides, fund manager at KBL Richelieu.
Shares of banks and insurers were among the biggest losers, with AXA (AXAF.PA) falling 7.2 percent and Barclays (BARC.L) dropping 4.3 percent.
