Pharmaceuticals under pressure in Europe, Recordati and Diasorin down in Milan

(Il Sole 24 Ore Radiocor) - A weak session for the European pharmaceutical sector, with the shadows of possible new US tariffs on the way. In Milan, Recordati and Diasorin, in a FTSE MIB limiting losses. Overall, the sector Eurostoxx gave up 1 per cent, marking the worst performance after construction.

In Frankfurt Siemens Healthineers lost 4.5%, Smith+Nephew in London was down 1.09%, Sanofi Aventis in Paris gave 1.3%. In London Convatec (which produces medical devices) lost 6%.

Weighing on the sector was the news of the Trump administration's initiation of investigations into imports of robotics, industrial machinery and medical devices, an investigation that could pave the way for new tariffs. According to Bloomberg reported, the US Commerce Department is conducting the investigation under Section 232 of the Trade Expansion Act.

The investigations began on 2 September and according to the law, the department has 270 days to submit recommendations on tariffs or other measures to the president. Investigations are also currently underway into imports of pharmaceuticals, semiconductors and other critical goods. The Trump administration has already used the same law to impose tariffs on automobiles, copper, steel and aluminium.