European markets shrug off new details on EU-U.S. trade agreement

European stocks lost ground on Thursday after officials unveiled new details on the trade deal between the U.S. and the European Union.

The pan-European Stoxx 600 closed 0.04% lower, snapping a three-session winning run. The U.K.’s FTSE 100 added 0.23% to extend its record high, while the French CAC 40 shed 0.44%. Germany’s DAX closed 0.06% higher.

In an agreement reached last month, the EU said it would spend $750 billion on U.S. energy and invest a minimum of $600 billion in the United States — in exchange, blanket tariffs on its goods were set at 15% instead of the 30% rate threatened by U.S. President Donald Trump.

However, in-depth details on how certain European industries would be impacted by the agreement were not revealed until Thursday.

Pharmaceuticals exported from the EU to the U.S. will see tariffs capped at 15%, Thursday’s announcement showed. Trump had previously suggested tariffs on the sector could be hiked as high as 250%.  

The immediate reaction among pharma stocks listed in Europe was somewhat muted, though the Stoxx Europe Pharmaceuticals and Biotechnology index eventually closed 0.56% higher. Top performers in the sector included Danish allergy specialist ALK, up 5%, biotech firm Abivax, up 6%, and Danish pharma giant Novo Nordisk, which gained 3%.