European stocks pull back from 11-month high on profit-taking

Economies.com
2021-01-05 12:17PM UTC

European stocks fell on Tuesday, and pulled back from the 11-month high that was hit yesterday due to profit-taking, after the US stocks record rally paused.

 

The Stoxx Europe 600 index fell 0.3% as of 11:41 GMT, after it closed higher by 0.7% yesterday and hit the highest since February 405.74 points.

 

The pan European index opened lower today, the second session of 2021, and pulled back from 11-month high with most of the major European markets and sectors seeing red.

 

The utilities sector saw the largest losses in Europe today, falling more than 1%, while the energy sector marched in the opposite direction after oil prices rose.

 

Alongside profit-taking, European stocks fell after the US stocks record rally paused, in addition to concerns about the second wave of the coronavirus after Britain announced a general lockdown for the third time to curb the spread of the new Covid-19 variant.

 

 S&P 500 futures fell 0.75%, after the index closed lower by 1.5% yesterday at Wall Street on profit-taking from the record high of 3,769.99 points.

 

Back to Europe, the Euro Stoxx 50 index fell 0.4%, France's CAC 40 fell 0.4%, Germany's DAX fell 0.35%, and the UK's FTSE 100 slipped less than 0.1%.

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