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(Bloomberg) — European stocks ended the week with a small decline, as GSK Plc’s shares weighed on the healthcare sector on a busy earnings day.
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The Stoxx Europe 600 Index was little changed by the close. It dropped about 0.1% for the week. Healthcare shares lagged as GSK fell 4.6% after one if its key new drugs, blood cancer treatment Blenrep, failed to secure the backing of a panel of US regulatory advisers.
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Energy stocks gained after the European Union approved a fresh sanctions package on Russia over its war against Ukraine, including a revised oil price cap.
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Europe’s benchmark index has had a volatile July as investors remain wary of the progress on US tariff negotiations. The index is currently about 3% below its March record high.
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Among other single stocks, Burberry Group Plc gained 6% after its sales fell less than expected. Saab AB jumped 16% to an all-time high after it reported a strong set of results for the second quarter and lifted its organic revenue forecast for the full year.
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“The companies that we own are very well positioned to absorb any type of tariff effects,” said Christopher Hart, a portfolio manager at Boston Partners. “We’ve not seen significant material change in earnings expectations so far. The one industry that stands out is autos and auto suppliers. That’s one sector that we’ve been avoiding because it’s just too glaringly evident.”
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Hart runs the €4.8 billion ($5.6 billion) Robeco BP Global Premium Equities fund, which counts CRH Plc, Tesco Plc and NatWest Group Plc among its biggest holdings.
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For more on equity markets:
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- Upside Is Looking Limited During the Second Half: Taking Stock
- M&A Watch Europe: Reckitt, BP, Senior, Sanofi, Vinci, Telia
- Europe Loses IPO Share as Investors Turn Selective: ECM Watch
- US Stock Futures Unchanged; BlackSky Technology, Symbotic Fall
- Job Market Blues: The London Rush
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—With assistance from Sagarika Jaisinghani and Michael Msika.
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