Novartis slides after heart-drug setback as Wall Street shuts for Labor Day
AI Market Summary
Copper hit a record on the LME as markets priced higher odds of expanded US tariffs on refined metal imports, boosting near-term support for miners and industrial commodities. European equities were held back by higher oil and a sharp Novartis drop after a late-stage drug failure, while US cash equities were closed for Labor Day. Brent near recent highs adds inflation sensitivity and may pressure risk assets outside energy.
Impact level
● Medium
Affected assets
NCCO724COPPER2USD/USDT+2.03%
AI Insight · NCCO724COPPER2USD/USDTAI Insight
● Neutral
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Novartis shares fell after a setback in developing a heart-failure medicine, weighing on European stocks. U.S. markets were closed for the Labor Day holiday. Australian share futures pointed to a softer open, while the Australian dollar strengthened against the greenback. On the London Metal Exchange, the three-month copper benchmark briefly hit a record $14,533 a tonne.
