-- The European stock markets were moving mostly lower in Thursday trading as investors monitor the Middle East war amid rising oil prices due to the Strait of Hormuz remaining closed to most shipping traffic.
The Stoxx Europe was declining 0.4%, Germany's DAX was down 1.4%, the FTSE 100 was off 0.3%, France's CAC was moving 0.5% lower, while the Swiss Market Index was up 0.1%.
The European Commission's Oil Coordination Group, member nations, and industry representatives said in a meeting Wednesday that the region's oil supply remains stable amid soaring oil prices spurred by the Middle East war. They emphasized the importance of maintaining transparency and coordination at the EU level, as well as avoiding any unnecessary disruption in the markets.
Energy stocks benefitted from oil prices rising again as a proposed ceasefire is on shaky ground. BP and Shell shares were adding 3.2% and 1.4% respectively in London, while TotalEnergies gained 2.7% in Paris, and Eni was up 4% in Milan.
And in corporate news, Novartis said Thursday it will expand its programs to find and treat patients with heart disease and cancer in "hard-to-reach" communities worldwide.
By 2030, three Novartis community health approaches focused on closing gaps in care for low-income, rural and other communities will almost triple to more than 30 countries, the company said.
Shares of Novartis were up 0.3% in Zurich.
Novo Nordisk said Thursday that the European Medicines Agency has approved an update to the Wegovy injection's product information, allowing it to be delivered to patients at a controlled temperature of up to 30 degrees Celsius for up to 48 hours.
Previously, the injection had to be kept cold for the entirety of the distribution and delivery process, from where it was made to where it will be used, the company said.
Shares of the Danish pharmaceutical company were off 0.8% in Copenhagen.
UBS-led lender group has funded TJC-backed Echo Global Logistics' acquisition of ITS Logistics, after talks to sell the $765 million loan for the merger were paused due to ongoing market turbulence, Bloomberg reported Wednesday evening, citing people familiar with the matter.
The UBS-led group funded the loan after the acquisition was completed at the end of March, the people reportedly said, adding that the group plans to try to syndicate the debt to investors at a later date.
UBS, TJC and Echo Global Logistics did not immediately respond to' request for comment on Thursday.
Shares of the Swiss bank gained 0.3%.
Stellantis' production at its factories in Italy rose 9.5% to 120,366 vehicles in Q1 compared with a year earlier, according to media reports citing Italian labor union FIM-CISL.
The automaker is expected to manufacture 500,000 vehicles in Italy in 2026, up from approximately 380,000 in 2025, according to the reports.
Shares of Stellantis were little changed in Paris.