Mining stocks weigh on European shares, drag STOXX 600
Commodity prices fell on Friday as mining stocks weighed on European shares. A hawkish policy outlook from the U.S. Federal Reserve dampened the fifth straight week of gains for the STOXX 600.
The mining index dipped 0.1%, bringing total weekly declines to more than 5%. The pan-European STOXX 600 was flat by 0708 GMT.
The benchmark STOXX 600 recently reached 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.
Joining commodity prices were European insurers, banks, and energy stocks as among the biggest decliners in early trading.
Danish pharmaceutical company Orphazyme fell 75.1% after reporting it had failed to get approval from the U.S. Food and Drug Administration for its arimoclomol drug, a treatment designed for genetic disorder Niemann-Pick disease type C.