EUROPEAN: bourses ended an extremely volatile week to September 22 mixed, despite rises of up to nearly 10% on some markets ahead of the week-end, when the US government announced plans to help the toxic mortgage situation and the UK moved to restrict short-selling in financials. Drug majors largely underperformed their local markets. Roche was a casualty on the ZURICH exchange, due to a likely delay in the approval if it rheumatoid arthritis drug candidate Actemra (tocilizumab), seen as an important addition to the firm's product portfolio (see page 23). In PARIS, Sanofi-Aventis gave up more than its previous week's gain on news of a new chief executive (Marketletters September 15 and 22), falling 8.1% while the CAC 40 rose 1.3%. On the BRUSSELS bourse, Solvay and UCB strongly outperformed the BEL-20's 0.2% dip, both seeing a 6.1% advance.
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Stock Commentary - Europe - week to Sept 22, 2008
EUROPEAN: bourses ended an extremely volatile week to September 22 mixed, despite rises of up to nearly 10% on some markets ahead of the week-end, when the US government announced plans to help the toxic mortgage situation and the UK moved to restrict short-selling in financials. Drug majors largely underperformed their local markets. Roche was a casualty on the ZURICH exchange, due to a likely delay in the approval if it rheumatoid arthritis drug candidate Actemra (tocilizumab), seen as an important addition to the firm's product portfolio (see page 23). In PARIS, Sanofi-Aventis gave up more than its previous week's gain on news of a new chief executive (Marketletters September 15 and 22), falling 8.1% while the CAC 40 rose 1.3%. On the BRUSSELS bourse, Solvay and UCB strongly outperformed the BEL-20's 0.2% dip, both seeing a 6.1% advance.
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