European Stocks Drop from a 6-Year High as  Glaxo Falls  

European stocks dropped from their highest level since January 2008 as GlaxoSmithKline Plc retreated after becoming the subject of a criminal investigation. U.S. equity-index futures were little changed, while Asian shares rose.
Glaxo dropped 1.4 percent after revealing the U.K.’s Serious Fraud Office has started a probe into the drugmaker’s conduct. Elekta AB (EKTAB) slid 7.7 percent after quarterly profit missed estimates. Osram Licht AG slumped 7.6 percent after cutting its sales forecast for the year ending in September. Hugo Boss AG fell 2.3 percent as its majority shareholder sold a stake in the German maker of luxury suits. The Stoxx Europe 600 Index slipped 0.2 percent to 343.75 at 9:10 a.m. in London. The equity gauge completed a five-day rally yesterday, its longest winning streak since April. The benchmark has risen 1.7 percent so far in May. Standard & Poor’s 500 Index futures climbed less than 0.1 percent today, while the MSCI Asia Pacific Index rose 0.5 percent.
source: Bloomberg

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