European Shares Plunge Amid Inflation Concerns and Oil Price Uncertainty

European shares took a hit on Tuesday as investors grew concerned about rising inflation and oil prices. The pan-European STOXX 600 index dropped 0.2% to 648.41 points, while Germany's DAX declined by 0.3%. London's FTSE 100 remained flat, but France's CAC 40 fell by 0.4%, following a quiet Monday due to the US public holiday.

The inflation concerns were exacerbated by the possibility of a prolonged conflict in the Middle East, which could further impact oil supplies and prices. This uncertainty sent shockwaves through the markets, causing stock prices to fluctuate.

Novartis was among the companies affected, with its shares plummeting 8.8% after announcing another setback in its drug development program. The company's experimental cholesterol drug pelacarsen failed to meet its primary endpoint in a late-stage trial, following a previous disappointment on Monday.