LIVE MARKETS-Calmer than it could have been

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CALMER THAN IT COULD HAVE BEEN

European shares have spent the first hour of trading nudging higher, with several of the things we were closely watching doing precisely nothing.

The broad STOXX 600 is up 0.1%, at around a one week high, with euro zone blue chips up a touch more. .STOXX50E, .STOXX

Drugmakers were going to be in focus after the U.S. slashed 36% off Medicare spending on 15 high-priced medicines, but shares of Novo Nordisk NOVOb.CO AstraZeneca AZN.L and GSK GSK.L are all mildly in positive territory.

Then there's the Russia-Ukraine war but Kremlin aide Yuri Ushakov said on Wednesday that a U.S. peace plan for Ukraine was not discussed at meetings with Russian representatives in Abu Dhabi this week.

British assets are also fairly quiet ahead of the budget, if marginally underperforming peers. The FTSE 100 .FTSE is a fraction above flat and the 10 year gilt yield is up a touch over 1 basis point at 4.51% GB10YT=RR

The biggest mover on the STOXX is Swedish radiation therapy equipment maker Elekta EKTAb.ST up 10%.

(Alun John)

EARLIER LIVE MARKETS POSTS:

EUROPE BEFORE THE BELL: DRUGS, FED, UKRAINE CHINA, BUDGET CLICK HERE

MORNING BID: REEVES TAKES CENTRE STAGE CLICK HERE