Author: Elena Todorova
123jump.com
Last Update: 1:56 PM EDT May 21 2007

European stock markets closed mostly in the negative territory Monday, dragged lower by a steep decline in the shares of GlaxoSmithKline and weakness in the bank sector. Shares of pharmaceutical giant GlaxoSmithKline dropped 5% after research showed that diabetes drug Avandia significantly increased cardiovascular risk. The German DAX Xetra 30 added 0.2%, the U.K. FTSE 100 slipped 0.1%, and the French CAC-40 lost 0.2%