Investors remained on edge amid the ongoing Middle East war and major threats to the world's oil supply, as the European stock markets were tracking sharply lower in Friday trading.
The Stoxx Europe was dropping 1.4%, Germany's DAX was shedding 1.7%, the FTSE 100 was falling 1.2%, France's CAC was down 1.4%, and the Swiss Market Index was declining 0.8%.
In Germany, producer prices for industrial products fell 0.5% in February, compared with a 0.6% loss the previous month, according to the Federal Statistical Office. Analysts polled by Bloomberg expected a 0.3% gain for the month.
And in corporate news, Novartis said Friday it agreed to buy Pikavation Therapeutics, a Synnovation Therapeutics unit, for $2 billion upfront and up to $1 billion in milestone payments.
The acquisition of Pikavation Therapeutics includes a portfolio of targeted enzyme inhibitors, featuring a lead oral drug currently undergoing early-to-mid-stage clinical trials for advanced solid tumors, the company said. The company also said the transaction is expected to close in H1, pending regulatory clearance and standard closing conditions.
Shares of the Swiss pharmaceutical company were off 1% in Zurich.
Rio Tinto temporarily shut its Amrun and Andoom bauxite mines in Australia as tropical cyclone Narelle struck far North Queensland with strong winds, heavy rain and power outages, Reuters reported late Thursday.
The company activated cyclone response plans, with the two mines producing about 30 million metric tons of bauxite annually, Reuters said, citing the company. Rio Tinto is monitoring the situation and will implement necessary safety measures as the cyclone is expected to weaken further as it moves west, the report said.
Shares of the mining company were down 1.5% in London.
Novo Nordisk's weight-loss drugs in India are about to face steep price cuts after the introduction of generic versions this month with the expiration of patents, Bloomberg reported Friday.
At least 12 companies are expected to immediately launch injectable versions of semaglutide with prices as low as 1,290 ($13.82) rupees a month, compared with the 10,480 rupees for Novo Nordisk's Wegovy pen, the report said.
More than 40 drug manufacturers are expected to launch products under more than 50 brand names this year, the report said.
Novo Nordisk did not immediately reply to MT Newswires' request for comment.
Shares of the Danish pharmaceutical company were little changed in Copenhagen.
UBS Group lost $14.1 billion in assets and 196 financial advisers in Q4, posing a challenge to efforts to revamp its US wealth management business, Reuters reported Friday, citing analysts and industry sources.
The bank reported a net $6 billion outflow in the Americas for 2025, the report said, citing the company's financial statements. Morgan Stanley analyst Giulia Miotto said the outflows will make it harder for UBS to increase profits while investors will need to see improved flows before gaining confidence in a turnaround, according to the report.
UBS did not immediately respond to MT Newswires' request for comment.
Shares of the Swiss bank were declining 1% in Zurich.
Shell said Friday that repairs to train two at the Pearl Gas-to-Liquids (GTL) facility in Qatar will take around a year following a missile attack from Iran earlier in the week.
Shares of Shell were down 0.7% in London.
