European Stocks Plunge Amid Inflation Woes and War Fears

European stocks took a hit on Tuesday due to growing concerns over inflation and the possibility of war in the Middle East disrupting supply lines. The pan-European STOXX 600 index fell by 0.6%, with Germany's DAX and France's CAC 40 also experiencing declines.

The sharp drop was largely driven by Novartis, which saw its stocks decline by a whopping 10.2% after announcing disappointing results in two drug trials. The company's del-desiran drug trials for myotonic dystrophy did not meet expectations, following a previous failure with pelacarsen cholesterol drug trial.

Bank shares also took a hit, dipping 1.3%, as investors grew increasingly concerned about the potential economic implications of rising oil prices and geopolitical tensions. Meanwhile, energy shares managed to buck the trend, nudging up 0.6% in response to Brent crude's upward trend.