European shares dip as higher crude revives inflation worries; Novartis drags

On Tuesday, Sept. 8, European shares moved lower as rising oil prices rekindled inflation worries and supply concerns tied to an extended Middle East conflict, with Novartis adding pressure after disclosing its second drug-development setback.

At 0705 GMT, the pan-European STOXX 600 index had fallen 0.2% to 648.41 points. Germany's DAX declined 0.3%, Britain's FTSE held steady, and France's CAC 40 lost 0.4%, with activity muted after Monday's U.S. holiday shortened trading.

Shares of Novartis plunged 8.8% after the Swiss drugmaker said its late-stage trial of del-desiran for myotonic dystrophy failed to meet the primary endpoint. The announcement follows a closely watched setback on Monday, when experimental cholesterol treatment pelacarsen also missed its goals in a late-stage study.

Oil prices rose, with Brent crude futures trading at $98.5 per barrel, after Iran threatened to respond to any new attacks by targeting energy infrastructure across the Gulf, including U.S. oil and gas interests.

Among individual movers, Sandoz advanced 2.9% after the Swiss pharmaceutical company said it aims to more than double net sales from 2025 to 2035.

Poste Italiane sweetened its takeover offer for Telecom Italia as it pursues control of Italy's former phone monopoly; Poste shares were down 0.2%.