European stocks traded firmly lower Thursday as investors pulled back from risk positions in global financial markets following President elect Donald Trump's first press conference since winning the November elections.
The Stoxx 600 Index fell 0.49% by 085:45 GMT, dragging benchmarks around the region lower across the board. Britain's FTSE 100 retreated from the all-time high of 7,328.51 it reached Wednesday to traded 0.26% lower at 7,272.1. Similar percentage declines were seen in Germany and Paris.
Switzerland's SMI index, which is heavily-weighted with healthcare and pharma stocks, was the standout decliner in early European trading, falling 1.15%. That follows significant moves for U.S. biotech stocks, which sold off shortly after Trump suggested he would aggressively negotiate the prices the U.S. paid for drugs.
The President elect also said pharmaceutical companies have been "getting away with murder." The iShares Nasdaq Biotechnology ETF (IBB) slumped more than 3%, while the SPDR S&P Biotech ETF (XBI) slid 3.5%.
The U.S. dollar was the principal recipient of the market reaction to Trump's press conference, in which he pledged to divest his business interests but provided no details as to how his administration would implement his bold economic plans.
The dollar index, which tracks the greenback against a basket of six global currencies, traded around 0.8% lower in Europe to change hands at a near one-month low of 100.83. That move lifted currencies around the region and helped boost equity benchmarks, with the region-wide MSCI Asia ex-Japan Index rose 0.59% by 07:00 GMT .