European stocks give up 11-month high on profit-taking

European stocks fell on Friday, and pulled back from an 11-month high, on track for first daily loss in 3 days, on profit-taking and concerns over the rising Covid-19 infections in China, which overshadowed Joe Biden's reveal of a huge stimulus plan in the US.

The Stoxx Europe 600 index fell 0.5% as of 11:18 GMT, after it closed higher by 0.5% yesterday, and hit the highest since February 2020 at 412.46 points.

The pan European index opened lower today and pulled back from its 11-month high with most of the major European markets and sectors seeing red.

The energy sector saw the largest losses in Europe, with a drop of more than 1%, as oil prices fell in most global markets.

China reported the largest daily increase in new Covid-19 cases in more than 10 months, especially as new infections in the northeastern Heilongjiang province tripled.

While the US President-Elect Joe Biden, six days before his term at the White House kicks off, promised a $1.9 trillion stimulus package to boost the economy from the Covid crisis.

S&P 500 futures fell 0.5%, after the index closed lower by 0.4% yesterday at Wall Street, on profit-taking from its record high of 3,826.69 points.

Back to Europe, the Euro Stoxx 50 index fell 0.7%, France's CAC 40 fell 1.1%, the UK's FTSE 100 fell 0.9%, and Germany's DAX dropped 0.75%.