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US and European stocks down

23 February 2010 09:28 (UTC +04:00)

Baku-APA-Economics. European shares fell after five straight sessions of gains. Drug manufacturers led the market lower after GlaxoSmithKline (down 2.6pct) reported that its diabetes drug Avandia had been recommended to be pulled from the market by two US drug safety reviewers, ibtimes.com.au reported.

The FTSEurofirst index fell by 0.3pct with the UK FTSE lost 0.1pct and the German Dax gave back 0.6pct.

US sharemarkets were relatively flat on Monday with investors remaining cautious ahead of the Fed Chairman Ben BernankeÂ´s testimony in front of congress. Health insurers recorded strong gains after President Obama proposed a revised overhaul of the US healthcare system. At the close of trade, the US Dow Jones index was lower by 19 points or 0.2pct with the S&P 500down 0.1pct and the Nasdaq was lower by 2pts or 0.1pct.

US long dated treasuries fell on Monday (yields higher), as the 30-year inflation protected bonds received relatively soft demand. US Treasury will issue a further US$118bn of debt in the coming next three days. US 2yr yields fell 4pts to 0.88pct with US 10yr yields up 2pt to 3.80pct.