Pelosi also said it's "irrelevant" whether approving the USMCA trade deal would give President Donald Trump a victory ahead of the 2020 election.Politicsread more
Brent crude oil jumped the most in history in the previous session after attacks on Saudi's oil industry disrupted the kingdom's production.Marketsread more
Damage to the top OPEC producer's oil facilities ignited fears of supply disruption around the world and has sent crude prices soaring.Energyread more
The second-largest investor in Kraft Heinz Company discloses that it has again trimmed its stake in the food company.Marketsread more
"That leads the developed world to say to China: 'We've got to rebalance this. It's working for you. It's not working for us,'" says the billionaire Blackstone co-founder.Economyread more
Viacom chief executive officer Bob Bakish is not worried about competition in the streaming space, on the heels of its merger with CBS.The Faber Reportread more
Consumers could pay an average 15 to 20 cents more per gallon for unleaded gas by the end of the month following the attack on Saudi oil installations.Market Insiderread more
Bob Bakish, the head of a newly combined CBS and Viacom, said he was "disappointed" by both stocks' reaction to the recent deal.The Faber Reportread more
Elliott Management may not see John Stankey as a future leader at AT&T, but bailing on him before he executes his integration plan has the potential for disaster.Technologyread more
The White House directed Lewandowski not to discuss any of his post-election interactions with Trump beyond those already detailed in former special counsel Robert Mueller's...Politicsread more
Tension between the real estate start-up WeWork and SoftBank was not a central issue in the decision to delay an initial public offering, sources tell CNBC's David FaberThe Faber Reportread more
* Healthcare stocks drag on the benchmark index
* Powell-fuelled rally fades out
* Bank-heavy Milan and Marid stocks outperform (Recasts, updates to close, changes quote)
July 11 (Reuters) - European shares closed at a two-week low on Thursday weighed down by pharma stocks on worries that U.S. government may intervene on high drug prices, while optimism from the Federal Reserve's dovish stance faded away.
The pan-European stocks benchmark rallied earlier in the day on remarks from Fed Chair Jerome Powell but reversed course in late afternoon trading to close 0.1% lower.
The White House announced that it was ditching its push for changes to the pharma rebate structure, providing some relief to health insurance companies but hurting drugmakers, including those in Europe.
Novo Nordisk, UCB, Astrazeneca and Roche all ended nearly 2% lower, dragging the pharma index down 0.7%, the biggest weight on the benchmark.
"Most drugmakers supported the initiative to eliminate rebates but now we see no solution to the challenges manufacturers face regarding growing rebates, " Morgan Stanley said in a note.
"The lack of progress in Washington suggests that the industry will face ongoing political pressure, including legislative risk."
Also pressuring the sector was German medical imaging equipment maker Siemens Healthineers which slid 6% on worries about the performance of its Diagnostics business.
Auto stocks ended 0.6% lower as a slew of warnings by small-cap auto/industrial suppliers hit large-cap car parts suppliers such as Valeo and Continental.
Bank of America Merrill Lynch warned in a note that depressed production for the sector across regions is unlikely to pick up materially in the near-term.
Also weighing on sentiment was the International Monetary Fund's warning that the euro zone may see prolonged anemic growth, backing the European Central Bank's (ECB) plans for fresh stimulus.
Among bright spots, the energy sector gained the most as oil prices hit six-week highs, while banks outperformed pushing the bank-heavy Milan and Madrid indexes higher.
Bucking the broader pharma trend, German drugmaker Gerresheimer AG rose 13% to the top of the STOXX 600 after confirming revenue guidance for the year and posting strong second quarter results.
Despite the recent bout of losses, the STOXX 600 has recouped its May losses, gaining around 6% since then, mostly on expectations that major central banks will adopt a looser monetary policy. (Reporting by Agamoni Ghosh, Susan Mathew and Amy Caren Daniel in Bengaluru; Additional Reporting by Shreyashi Sanyal Editing by Bernard Orr, Arun Koyyur and Kirsten Donovan)