Asia Markets
European Stocks Tracking Lower in Friday Trading as Middle East War Uncertainty Continues
European stock markets were tracking lower in Friday as investors remained wary over a lack of progress in resolving the Middle East war, as well as the continued closure of the Strait of Hormuz.The Stoxx Europe fell 0.6%, Germany's DAX edged 0.1% lower, the FTSE 100 was off 0.7%, France's CAC declined 0.8%, and the Swiss Market Index was down 0.7%.In corporate news, BP and Repsol were accused of anti-competitive practices in a complaint filed with the European Commission by Spanish fuel wholesaler Hatta Energy, Bloomberg reported Friday.The complaint alleges "coordinated corporate behaviors" among major oil firms and state-backed actions that restrict competition in Spain's fuel distribution market, according to the report.The complaint also names Moeve and infrastructure operator Exolum, alongside the Spanish state, the report said.BP, Repsol and Moeve did not immediately respond to' request for comment.Shares of BP were off 0.3% in London.Stellantis plans to direct the bulk of its future investment toward Jeep, Ram, Peugeot, and Fiat under Chief Executive Antonio Filosa's turnaround strategy, Reuters reported Friday, citing unnamed sources familiar with the plan.The carmaker is set to unveil the long-term plan in May, focusing on strengthening its most profitable global brands while streamlining its sprawling 14-brand portfolio, the industry's largest, the report said.Shares of the automaker were falling 4.5% in Paris.ING said its Slaski unit in Poland has completed its full acquisition of Goldman Sachs TFI.The 405 million Polish zloty ($111.6 million) acquisition of Goldman Sachs' 55% stake in TFI gives ING full ownership of the Polish asset management company, the company said.Following the transaction, Goldman Sachs TFI changed its name to ING TFI.Shares of ING were heading 0.7% lower in Amsterdam.Novartis has received a positive Committee for Medicinal Products for Human Use recommendation from the European Medicines Agency for Itvisma, a gene replacement therapy for spinal muscular atrophy, bringing it closer to regulatory approval, the company said Friday.If approved by the European Commission, Itvisma would treat spinal muscular atrophy in patients aged two and older, including teens and adults, by replacing the faulty SMN1 gene to address the disease's root cause, the company said. Novartis said the recommendation is based on phase 3 STEER study results, which showed a statistically significant 2.39-point motor function improvement sustained over 52 weeks.The European Commission is expected to issue a final decision on marketing authorization in the coming months, it added.Shares of the Swiss pharmaceutical company were falling 2.3% in Zurich.Sanofi said Friday that a European Medicines Agency committee recommended the approval of Cenrifki in the European Union to treat secondary progressive multiple sclerosis, a chronic autoimmune disorder.The company said a final decision is expected in the coming months.Shares of the French pharmaceutical company were down close to 2% in Paris.