Global Market: European Shares Slip as Oil Surge Fuels Inflation Fears; Novartis Plunges
Brent crude traded at $98.5 a barrel and Novartis fell 8.8% after a late-stage trial missed its primary endpoint, traders said.
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European shares dip on oil-led inflation woes; Novartis set for worst day on record
European shares eased on Tuesday as firmer oil prices fuelled inflation worries and concerns that a Middle East war could disrupt supplies, while Novartis is on track for its worst day on record after reporting a second drug development setback.
The Economic Times
Times of IndiaGlobal Market: European shares slip as oil surge fuels inflation fears; Novartis plunges
European shares slipped as surging oil prices raised inflation concerns amid escalating Middle East tensions and threats to Gulf energy infrastructure. The STOXX 600 fell 0.2%, while Germany and France declined. Novartis plunged after a second drug trial setback, whereas Sandoz gained on ambitious long-term growth targets. Investors monitored energy risks.
European Markets Face Pressure Amid Oil Hikes and Novartis Setbacks
European stocks experienced a downturn due to rising oil prices amid Middle East tensions and Novartis facing drug development setbacks. The STOXX 600 fell, and Novartis shares tumbled 8.8% following a failed drug trial. Meanwhile, oil prices surged, affecting global markets with Iran's aggressive stance adding to concerns.
Swiss pharmaceutical giant Novartis AG faced a severe test of confidence in the markets after a series of critical clinical programs in its pipeline failed. As investor concerns about the future of its R&D portfolio were triggered, the company's publicly traded shares experienced a sharp decline of nearly 10%.
Most European stock indices declined at the start of trading on Tuesday, as rising oil prices fueled inflation concerns amid the ongoing conflict in the Middle East. Losses were limited by gains in European energy stocks and the mining sector. Novartis shares fell 9.80% after the company announced that its experimental drug, Del-Deseran, failed to meet its primary endpoint. [The article "European Indices Decline, Novartis Shares Drop 10%" was pu…
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