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LONDON MARKETS: Shire Leads FTSE 100 Lower; Banks, Miners Off

By Sara Sjolin, MarketWatch LONDON (MarketWatch) -- Shire PLC led U.K. shares lower on Monday after a rival was cleared to market a generic version of one of Shire's drugs, while banks and miners declined ahead of euro-zone events later in the week. The FTSE 100 index fell 0.6% to 5,481.55, after closing out last week with a 0.6% gain. Pharma firm Shire tumbled the most in the index, down more than 10%, after the U.S. Food and Drug Administration approved a rival's generic version of its hyperactivity drug Adderall XR. Analysts at Goldman Sachs said that the approval is a "negative relative to our expectations" and that they had not expected a generic approval before 2014. "We assume Shire loses 50% of its market share," they said. Among other stocks driving losses in the U.K., mining firms headed south while metals prices were mixed. Heavyweight Rio Tinto PLC (RIO) lost 1%, Evraz PLC shed 0.8% and Vedanta Resources PLC gave up 0.9%. Banks were lower as investors looked toward a much anticipated European Union summit at the end of the week for any announcements on closer fiscal integration in the region and the creation of a banking union. Standard Chartered PLC ticked 0.9% lower, Lloyds Banking Group PLC (LYG) shed 0.7% and Barclays PLC gave up 0.6%. Food retailer Wm Morrison Supermarkets PLC dropped 2.3% after announcing that group Finance Director Richard Pennycook plans to step down from the board and leave the firm at the end of June 2013.

Stock News for Companhia Vale (RIO)
DateTimeHeadline
07/17/201406:17:43ASIA MARKETS: Australian Stocks Reach Six-year High
07/17/201402:29:09ASIA MARKETS: Asian Stocks Rise; Australia Hits Six-year High
07/17/201401:46:24EUROPE MARKETS: European Stocks Jump After Strong U.K., Chinese...
07/16/201418:13:56EUROPE MARKETS: European Stocks Climb After Strong U.K., Chinese...
07/16/201403:53:58EUROPE MARKETS: Chinese Growth Data Boost European Resource Stocks
07/11/201407:39:29EUROPE MARKETS: European Stock Markets Climb After Five-day Selloff
07/11/201405:15:08EUROPE MARKETS: European Stock Markets Rebound After Five-day...
07/10/201412:09:09EUROPE MARKETS: European Stocks Stumble To 2-month Low On Portugal...
07/10/201407:51:32EUROPE MARKETS: European Stocks Stumble To Two-month Low On Portugal...
07/10/201407:09:08EUROPE MARKETS: European Stocks Stumble To Two-month Low
07/10/201405:39:40EUROPE MARKETS: European Stocks At Two-month Low After Weak Data
07/10/201405:06:47EUROPE MARKETS: European Stocks Slide For Fifth Straight Day
07/10/201403:54:28EUROPE MARKETS: European Stocks Weaken For Fifth Straight Day
07/09/201420:15:12Weaker Iron-Ore Outlook to Curb BHP, Rio Earnings: UBS -- Market...
07/07/201403:33:28Australia Shares Little Changed After Last Week's Jump
07/01/201412:19:30EUROPE MARKETS: BNP Pops Higher In Europe; Pound Rises To 2008...
07/01/201410:18:41EUROPE MARKETS: BNP Up In Europe After Settlement; Pound At 5-year...
07/01/201405:05:10EUROPE MARKETS: BNP Rises In European Trade After Settlement
06/26/201416:40:30Tax Dispute Threatens to Delay Mongolian Copper Mine--Update
06/26/201407:54:03Rio Tinto's Turquoise Hill Challenges Mongolian Tax Claims

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