European stocks fell as traders pared back expectations for an interest-rate cut by the Federal Reserve in December after cautious comments from Chair Jerome Powell.
The Stoxx Europe 600 Index was 0.7% lower at the close in London, giving back much of Thursday's rebound as it declined for the third day this week. Media, health care and technology stocks led Friday's retreat while basic resources gained on higher aluminum prices. China announced the removal of a tax rebate that covers over 5 million tons of exports of the metal.
Sanofi SA was among European vaccine makers declining after US President-elect Donald Trump said he's tapping prominent vaccine skeptic Robert F. Kennedy Jr. for health secretary. Media stocks also took a hit on the news. Evotec SE soared after attracting takeover interest from Nasdaq-listed biotech firm Halozyme Therapeutics Inc. for a deal that would value the German drug developer at €2 billion ($2.1 billion).
European equities have been under pressure since Trump won the race to the White House last week, with his so-called America-first policies, including hefty trade tariffs, widely expected to hurt markets outside the US.
Meanwhile, the UK economy cooled faster than expected in the third quarter, marking a disappointing start to Prime Minister Keir Starmer's promise to turbocharge growth.
US retail sales advanced in October, boosted by a jump in autos purchases, while other categories signaled some momentum heading into the holiday season.
Source : Bloomberg
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