Steven Goldstein is based in London and responsible for MarketWatch's coverage of financial markets in Europe, with a particular focus on global macro and commodities. Previously, he was Washington bureau chief, directing MarketWatch's economic, political and regulatory coverage. Follow Steve on Twitter: @MKTWgoldstein.
Shares of Philips slumped Friday after the U.S. Food and Drug Administration said it wants more testing on sleep and respiratory care devices, following the recall of millions of devices.The recall, which has slammed the company’s stock in 2021 and 2022, was over the foam that can potentially break down and be swallowed by users.
“We do not believe that the testing and analysis Philips has shared to date are adequate to fully evaluate the risks posed to users from the recalled devices.” The FDA said it wants additional testing on the risk posed by the people who used the recalled devices. Philips said it’s still in talks with the FDA on the details of the further testing.
Heading the other direction was insurer Aviva AV, +9.04%, which saw its shares jump 9% after The Times of London said there was talk that a foreign buyer could buy it. Shares of another U.K. insurer, Legal & General LGEN, +2.52%, rose 3%. The broader European stock market was advancing after U.S. stocks bounced off their worst levels on Thursday, ahead of the crucial nonfarm payrolls report on Friday. The U.K. FTSE 100 UK:UKX rose 0.3%, the German DAX DX:DAX rose 0.6% and the French CAC 40 FR:PX1 rose 0.5%.
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