LONDON (MarketWatch) -- London's top share index fell on Wednesday, a holiday-shortened session, with drugmaker AstraZeneca under pressure.
The U.K. FTSE 100 index (UK:UKX: news , chart , profile ) declined 0.9%, or 39.39 points, to end at 4,216.59. Other shares trading across Europe were also lower.
U.S. stock futures were flattish following two straight days of losses. See U.S. Market Snapshot.
Asian markets dropped Wednesday, with auto and tire makers such as Toyota Motor Corp., Hyundai Motor Co. and Bridgestone Corp. subjected to some harsh treatment after they lowered their outlook earlier in the week. See Asia Markets.
AstraZeneca shares fell 3% in London on Wednesday.
The drugmaker said Wednesday that it has received a letter from the U.S. Food and Drug Administration asking for additional information about its supplemental new drug application for Seroquel XR extended release tablets.
The tablets are intended to treat major depressive disorder in adult patients.
AstraZeneca said it's evaluating the contents of the letter and the proposed labeling revisions. It will continue discussions with the FDA and will provide a response to the agency in due course.
GlaxoSmithKline shares were also lower, down 0.3%. GlaxoSmithKline's shares have risen just over 20% since the start of October, while AstraZeneca's shares have climbed 28%.
Investors have piled into the sector in recent months as it's perceived as relatively immune to a weakening economy.
In contrast, banks have fallen heavily this year as investors fretted about asset writedowns and earnings trends. Lenders trading lower again on Wednesday included Royal Bank of Scotland (UK:RBS: news , chart , profile ) down 1.4%.
Oil futures have also declined sharply from mid-year highs amid worries about slowing demand. Shares of oil producers under pressure on Wednesday included BP down 1.7% and Royal Dutch Shell down 2.5%.
Outside the top index, shares of Cambrian Mining (UK:CBM: news , chart , profile ) jumped 19% to 22 pence after the firm said it's in offer talks with Western Canadian Coal Corp. (CA:WTN: news , chart , profile ) .
An agreement has been reached in principle, the firm said, where Western Canadian will offer 20 pence in cash and 0.75 shares for every Cambrian share, valuing the firm's share capital at 28.8 million pounds.
