Lag in Rally Makes Europe Drugmakers Cheapest Since 2014: Chart

The rebound in European health-care shares since last month’s low has lagged behind the market, dragging them to their lowest valuations since 2014 relative to the Stoxx Europe 600 Index. While drugmakers have outperformed the broader gauge over the past two years, investors have recently preferred miners, banks and energy companies -- the most battered in this year’s selloff -- over so-called defensive stocks.

Before it's here, it's on the Bloomberg Terminal. LEARN MORE