News Column

European Stocks Little Changed, Novartis Rises On Heart Drug

September 1, 2014

BRUSSELS (Alliance News) - European stocks were flat in quiet trading Monday, failing to extend August gains amid lingering concerns about the situation in Ukraine.

The Euro Stoxx 50 index of European blue chip stocks was flat at 3172.42, and is up fractionally from a week ago.

Swiss stocks outperformed other European markets on positive news about a breakthrough Novartis heart drug.

The major averages in Germany, France and the UK were virtually unchanged.

Automakers struggled throughout the session. In France, Renault shares slipped 3.5%, while BMW and Daimler shares were down a bit in Germany.

A heart drug developed by Novartis dramatically reduced cardiovascular deaths when compared with a rival treatment, according to data presented on Saturday. Novartis shares rose 4.5%.

Iliad SA fell 9% after reports said private-equity firms to make an improved offer for T-Mobile US Inc.

ITV PLC rose 3.5% after the Sunday Telegraph reported that Liberty Global PLC is preparing a takeover offer.

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Source: Alliance News

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