European stock markets were heading lower in Tuesday trading as the Stoxx Europe was off 1%, Germany's DAX was down 1.1%, the FTSE 100 was 0.9% lower, France's CAC was declining 0.8%, and the Swiss Market Index was down 1.3%.
The euro area private sector economy recorded slower growth at the end of the first quarter, according to the latest S&P Global PMI, which declined to 50.7 in March from 51.9 in February, its lowest level in nine months, indicating that eurozone economic growth is weakening.
"March's PMI indicates that the eurozone economy has already been hit hard by the war in the Middle East," S&P Global Market Intelligence Chief Business Economist Chris Williamson said in a statement. "The encouraging signs of growth seen earlier in the year have been eradicated thanks to surging energy prices, choked supply chains, financial market volatility and a renewed downturn in demand."
In corporate news, Novo Nordisk said Tuesday it launched Wegovy HD, an injectable 7.2 milligram version of its popular weight-loss drug, in the US.
The company said the drug is priced at $399 per month for self-paying customers, a price that undercuts the cash prices for the higher doses of rival Eli Lilly's (LLY) Zepbound. Self-pay prices for the higher doses of Zepbound range from $499 to $699, according to Lilly's website.
Shares of the Danish pharmaceutical company were down 0.8% in Copenhagen.
ING said Tuesday it has terminated a deal to sell ING Bank (Eurasia) to Global Development, as there's "no realistic expectation" that the buyer will receive the required approvals.
The company said it remains focused on ending its activities in the Russian market and will continue to further reduce its offshore exposure to Russian clients.
Shares of the Dutch lender were moving 0.6% lower in Amsterdam.
TotalEnergies said Tuesday it is extending its fuel price cap policy in France until the end of this month, according to a Google translation of a company statement.
The price cap on gasoline will stay at 1.99 euros ($2.30) per liter, and the ceiling on diesel is being adjusted to 2.25 euros per liter, the company said.
Shares of the French oil and gas company was rising 0.5% in Paris.
Deutsche Bank's US distressed products group reported a more than 100% increase in its Q1 net profit from a year earlier, Bloomberg reported Tuesday, citing unnamed people familiar with the matter.
The team posted over $100 million in net profit, partly fueled by shorting a basket of software companies' debts, the people told Bloomberg.
Shares of Deutsche Bank were off 0.5% on the DAX.
Eni said Tuesday that it discovered about 2 trillion cubic feet of gas initially in place and 130 Mbbl of associated condensates at the Denise W-1 exploration well in the Temsah Concession offshore Egypt.
The well lies about 70 km offshore in 95 meters of water depth and less than 10 km from existing infrastructure, supporting potential fast-track development, the company said. The discovery encountered roughly 50 meters of net pay in sandstone reservoirs similar to the nearby Temsah field, Eni added.
Shares of the Italian oil and gas company were up 0.5% in Milan.
Comments