EU STOCKS slip from seven-week high

European stock markets moved slightly lower on Monday, as investors digested a range of corporate news, including GlaxoSmithKline PLC and UBS AG.

 

 

The Stoxx Europe 600 index  dropped 0.1% to 299.59, after closing at the highest level since late May on Friday.

 

Among country-specific indexes in Europe, the U.K.’s FTSE 100 index  fell 0.2% to 6,620.74, while France’s CAC 40 index  lost 0.1% to 3,921.36. Germany’s DAX 30 index  was slightly lower at 8,327.79.

 

Shares of GlaxoSmithKline   gave up 0.9%, after the pharma major said some of its senior executives appeared to have violated Chinese law. The statement came after Chinese officials alleged that the company was involved in widespread bribery in the country in order to get health-care providers to prescribe its products. Other drug makers were also lower, with Roche Holding AG   down 0.6% and AstraZeneca PLC   off 0.4%.

 

On a more upbeat note, investors welcomed UBS’s   preliminary second-quarter results, sending the shares 3.1% higher. UBS estimated that net income was 690 million Swiss francs. Additionally, the bank said it has settled with a U.S. regulator over claims related to mortgage-backed securities.

 

Outside the major indexes, shares of Royal Philips Electronics NV   climbed 4% after the firm reported a 2% rise in second-quarter revenue, as sales in China and other emerging markets continued to grow.

 

 

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