European Shares End Narrowly Mixed, Pressured by Sliding Crude and Gold Prices

12:15 PM Eastern Standard Time, 03/08/2010 (MidnightTrader) — European shares ended narrowly mixed, snapping a six-day winning streak, as crude prices declined to pressure oil companies.

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The pressure overshadowed easing Greece debt worries. French President Nicholas Sarkozy said over the weekend that major European nations were prepared to back Greece through its financial crisis. In a joint press conference with his Greek counterpart, George Papandreou, Sarkozy said that France was working with other European Union nations as well as the European Central Bank to come up with a plan that would support Greece in "all possible aspects."

In company news, AstraZeneca (AZN) also fell after its cancer drug Recentin failed in a head to head late stage trial with Roche’s Avastin in colorectal cancer patients.

Roche Holding AG and Biogen Idec (BIIB) are suspending development of the ocrelizumab treatment for use in arthritis after an independent monitoring board said safety risks outweigh benefits observed in these patients.

Allied Irish Banks Plc (AIB) slid after the Sunday Independent reported, citing Simon Adamson, a CreditSights Inc. analyst, that the lender has "little prospect" of recovering soon and could make a pretax loss for 2010 of as much as 3 billion euros.

The FTSE-100 was last up 0.12% at 5,606.72. The CAC-40 last traded down 0.18% at 3,903.54 and the DAX down 0.0p2% at 5,875.91.