Just a quarter of an hour after the market opened at 9:15am on Tuesday, the C25 index was down by approximately 2.2 percent.
The sluggish start on the Danish stock market mirrors a broader trend across Europe, where shares also began Tuesday in decline.
However, the Danish index saw a steeper initial drop, largely due to a 6.9 percent dip in shares of Novo Nordisk.
That came after Novo Nordisk’s competitor Eli Lilly over the weekend released strong clinical results for a new weight-loss pill.
The C25 index comprises the 25 most traded stocks on the Copenhagen Stock Exchange, weighted by turnover. The most valuable companies have the greatest influence on the index.
The worst performer on the index on Tuesday morning was energy company Ørsted, which was down by 8.4 percent.
The downturn in Danish shares was partly driven by new statements from US President Donald Trump, stock market analyst Jacob Pedersen of Sydbank said.
READ ALSO: How badly can Trump tariffs impact your pension fund in Denmark?
“The attacks Donald Trump directed at the US Federal Reserve chair, Jerome Powell, over Easter have created uncertainty,” Pedersen told broadcaster TV2.
Trump has repeatedly criticised Powell, the head of the US central bank, calling him a “loser” in a post on Monday on Trump’s social media platform Truth Social.
The attacks have raised concerns about the Fed’s independence and have shaken investor confidence, with the three major US indices – S&P 500, Nasdaq, and Dow Jones – all closing down by between 2.4 and 2.6 percent on Monday.
Stock markets around the world have meanwhile fluctuated in recent weeks in response to Trump’s announcements on tariffs.
Economists and banks have begun to fear that the US administration’s trade policies could push the global economy into a recession.
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