European Stocks Drop as Brent Crude Nears $100 a Barrel

TLDR

• Novartis is on track for its worst day on record, falling over 10% after a second drug trial failure in two days
• The pan-European STOXX 600 dropped 0.6% as oil prices pushed toward $100 a barrel
• Brent crude rose nearly 2% after Iran threatened to target Gulf energy infrastructure
• Banking shares fell 1.3% on concerns about a recessionary outlook for the eurozone
• The European Central Bank is expected to raise rates by 25 basis points on Thursday

European stocks fell on Tuesday as rising oil prices stoked inflation fears and Novartis suffered one of the worst single-day crashes in its history.

The pan-European STOXX 600 dropped 0.6% to around 646 points by mid-morning. Germany’s DAX, France’s CAC 40, and London’s FTSE 100 all fell between 0.4% and 0.6%.

Novartis Hit by Back-to-Back Drug Trial Failures

Novartis was the biggest loser on the STOXX 600, falling more than 10%. The Swiss drugmaker announced that its late-stage trial for del-desiran, a treatment for myotonic dystrophy, failed to meet its primary endpoint.

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