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European shares pull back after Fed-inspired rally; Lundbeck slumps

Reuters - UK Focus

(ADVISORY- Follow European and UK stock markets in real time on the Reuters Live Markets blog on Eikon - see cpurl://apps.cp./cms/?pageId=livemarkets)

MILAN, Sept 23 (Reuters) - European shares fell in early trading on Friday, pulling back from two-week highs hit in the previous session following the U.S. Federal Reserve's decision to push back on its next rate increase.

By 0708 GMT, the pan-European STOXX 600 index was 0.4 percent lower, retreating a touch after having closed at its highest level since Sept. 9 in the previous session.

The index is down more than 5 percent so far this year.

Lundbeck slumped 16.6 percent, the biggest STOXX 600 faller, after the Danish drug maker's highly anticipated idalopirdine Alzheimer's drug failed in a late-stage study.

Miners and banks were the biggest sectoral fallers with the STOXX Basic Resources and the STOXX Bank indexes down 1.3 and 0.7 percent respectively. (Reporting by Danilo Masoni; Editing by Sudip Kar-Gupta)