Key facts
- European shares edged lower Tuesday as rising oil prices fueled inflation worries and supply concerns.
- Novartis shares tumbled 8.8% after two drug development setbacks.
- Brent crude futures traded at $98.5 per barrel amid threats to Gulf energy infrastructure.
- The pan-European STOXX 600 was down 0.2% by 0705 GMT.
- Germany's DAX shed 0.3%, London's FTSE was flat, and France's CAC 40 slipped 0.4%.
- Sandoz shares rose 2.9% on long-term sales targets.
- Poste Italiane sweetened its takeover offer for Telecom Italia.
European shares edged lower on Tuesday as rising oil prices fueled inflation worries and supply concerns over a prolonged Middle East conflict. The pan-European STOXX 600 was down 0.2% by 0705 GMT, with Germany's DAX shedding 0.3%, London's FTSE flat, and France's CAC 40 slipping 0.4%.
Novartis tumbled 8.8% after the Swiss drugmaker announced its del-desiran drug for myotonic dystrophy failed to meet its primary endpoint. This follows another setback for its experimental cholesterol drug pelacarsen.
Oil prices climbed, with Brent crude futures trading at $98.5 per barrel after Iran threatened to retaliate against any new attacks by targeting energy infrastructure across the Gulf.
Among other movers, Sandoz added 2.9% after stating it aims to more than double net sales from 2025 to 2035. Poste Italiane sweetened its takeover offer for Telecom Italia, though its shares were down 0.2%.