LONDON (AFP) - European stock markets were flat to weaker in early trading as pharmaceutical shares fell sharply after comments from a US official raised fears about drug safety.
The London FTSE 100 index fell 0.36 percent to 4,788.1 points on Friday, while the Frankfurt DAX 30 inched up 0.06 percent to 4,181.32 points and the Paris CAC 40 was almost unchanged with a gain of 0.03 percent to 3,831.55 points.
The euro stood at 1.2995 dollars.
In New York shares nudged higher on Thursday as a fall in oil prices provided a fillip, though an economic report by the Conference Board and the weakness of the dollar tempered investors' optimism.
The Dow Jones Industrial Average closed up 0.22 percent at 10,572.55 points, while the tech-heavy Nasdaq ended 0.22 percent higher at 2,104.28.
The broad-market Standard and Poor's 500 index climbed 0.14 percent to 1,183.55 points.
In Europe, pharmaceutical stocks struggled after an expert with the US Food and Drug Administration said he was pressured by his agency to stifle study results showing the potential dangers of the anti-inflammatory drug Vioxx.
Speaking at the congressional hearing into the withdrawal of Merck's Vioxx, FDA official David Graham told members of the Senate Finance Committee that the agency as currently configured "is incapable of protecting Americans against another Vioxx."
In London Astrazeneca slumped 7.31 percent to 2,194 pence, GlaxoSmithKline fell 3.78 percent to 1.147 pence, while in Zurich Roche slipped 1.74 percent to 124.5 Swiss francs and Novartis lost 1.19 percent to 57.8 Swiss francs.
In London EMI stormed 9.83 percent higher to 229 pence amid the relief the music group did not issue a widely feared profit-warning.
Instead, it reported better-than-hoped-for profits, despite falling sales, and painted an upbeat picture of future prospects.
Reuters gained 2.72 percent to 407.75 pence amid reports that the information group is reconsidering its long-term ownership of its 61 percent controlling stake in Instinet, its US-listed financial data business.
11/19/2004 - 11:42 GMT - AFP