European stocks set to wipe out weekly gains as banks plunge

Among other early movers, Novo Nordisk fell 4.6% after U.S. President Donald Trump said that the price of Danish drugmaker's best-selling weight-loss drug would be lowered and that negotiations over price changes would be swift. Spain's BBVA jumped 7% after the lender failed to convince Sabadell shareholders to back its 16.32 billion euro ($19.07 billion) hostile takeover bid.

European shares tumbled on Friday, on course for their biggest drop in six weeks, as renewed concerns about the health of U.S. regional banks hurt lenders globally.

The continent-wide STOXX 600 index dropped 1.5% by 0714 GMT, set to wipe out weekly gains. European banks slid 2.4%, with shares of Deutsche Bank, Barclays and BNP Paribas leading declines.

The U.S. regional banks index dropped 6.3% on Thursday after announcements from two lenders fuelled investor unease about hidden credit stress. Among other early movers, Novo Nordisk fell 4.6% after U.S. President Donald Trump said that the price of Danish drugmaker's best-selling weight-loss drug would be lowered and that negotiations over price changes would be swift.

Spain's BBVA jumped 7% after the lender failed to convince Sabadell shareholders to back its 16.32 billion euro ($19.07 billion) hostile takeover bid. BBVA said it would immediately resume shareholder remuneration. Shares of Sabadell fell 7%.

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