European share prices were down at midday on Wednesday as investors turned their attention back to the economy after Barack Obama's victory in the U.S. presidential election, with pharmaceutical and oil stocks the main drags on the index, according to Reuters. By 1131 GMT, the FTSEurofirst 300 index of leading European shares was down 1.8 percent at 956.59, breaking six straight days of gains. The index has lost nearly 37 percent so far this year. The new Obama administration, which takes office in January, will face the world's worst financial crisis since the Great Depression, and a potentially steep downturn in the global economy. Pharmaceuticals were the bigest losers on the index. AstraZeneca, GlaxoSmithKline, Novartis and Sanofi-Aventis down 3.8-4.5 percent. "The market will always say that a (U.S.) Democratic (election) victory will always be bad news for pharmaceuticals and there has been selling there," said Jim Wood-Smith, head of research at William de Broe. "Ever since former president Bill Clinton's key policy was to reduce the cost of drugs to the consumer, the market has said a Democratic victory is not good for the sector. However, it is all half-hearted stuff and I would not read too much what Obama will or will not do, it is another story getting legislation passed," added Wood-Smith. Simon Mather, an analyst at WestLB, said: "The victory of Barack Obama opens the door for accelerating pricing pressure."
