European mining stocks take shine off five straight weeks of gains for STOXX 600

Credit: REUTERS/STAFF

Mining stocks weighed on European shares on Friday, tracking a slide in commodity prices as a hawkish policy outlook from the U.S. Federal Reserve cast a dampener on the fifth straight week of gains for the STOXX 600.

For a Reuters live blog on U.S., UK and European stock markets, click LIVE/ or type LIVE/ in a news window

June 18 (Reuters) - Mining stocks weighed on European shares on Friday, tracking a slide in commodity prices as a hawkish policy outlook from the U.S. Federal Reserve cast a dampener on the fifth straight week of gains for the STOXX 600.

The mining index .SXPP slipped 0.1%, bringing total weekly declines to more than 5%. The pan-European STOXX 600 .STOXX was flat by 0708 GMT. MET/L

The benchmark STOXX 600 recently scaled record highs on assurances from the European Central Bank that it would keep monetary policy loose, but unexpected signals from the Fed around tapering its massive stimulus have dented demand for risky equities.

European insurers .SXIP, banks .SX7P and energy stocks .SXEP were also among the biggest decliners in early trading.

Danish pharmaceutical company Orphazyme ORPHA.CO sank 75.1% after saying it had failed to win support from the U.S. Food and Drug Administration for its arimoclomol drug, a treatment designed for genetic disorder Niemann-Pick disease type C.

(Reporting by Sagarika Jaisinghani in Bengaluru; Editing by Shounak Dasgupta)

((sagarika.jaisinghani@thomsonreuters.com))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Reuters

Reuters, the news and media division of Thomson Reuters, is the world’s largest international multimedia news provider reaching more than one billion people every day. Reuters provides trusted business, financial, national, and international news to professionals via Thomson Reuters desktops, the world's media organizations, and directly to consumers at Reuters.com and via Reuters TV.

Learn More