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European pharmaceutical stocks are under scrutiny as US President Trump hints at potential tariffs on the sector. Meanwhile, the banking sector in Europe continues to struggle, with Deutsche Bank and Banco De Sabadell both down over 5% amid fears of economic growth impacts from US tariffs.In the oil industry, BP Chairman Helge Lund is set to resign as the company shifts away from the net zero strategy he supported, facing pressure from activist investor Elliott Investment Management, which has acquired a 5% stake in BP.
BP is seeking buyers for a stake in its U.S. natural gas pipeline network, potentially raising up to $3 billion by selling up to 49%. This move is part of CEO Murray Auchincloss's strategy to reduce the company's rising debt, which reached $24.3 billion in September. Amid investor pressure and a declining share price, BP is also looking to divest from its solar and wind operations.
BP Plc is optimistic about growth in the US under President-Elect Donald Trump, anticipating regulatory improvements in the oil and gas sector. CEO Murray Auchincloss expressed hope for expedited construction and permitting processes, driven by rising energy demand and advancements in artificial intelligence.
A surge in energy demand from technology giants, particularly hyperscalers focused on cloud computing and artificial intelligence, is significantly benefiting the fossil fuel industry. BP Plc's CEO, Murray Auchincloss, highlights that this growing appetite for reliable energy is driving an increase in natural gas demand in the U.S.
Murray Auchincloss
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pharmaceutical stocks under pressure as us tariffs loom over banks decline
Euro
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BP p.l.c.
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10:30 04.04.2025
BP Seeks Buyers for Stake in U S Natural Gas Pipeline Network
United States Dollar
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BP p.l.c.
Exxon Mobil Corporation
Shell plc
USA
GBR
Murray Auchincloss
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