European stocks pull back from 3-week high on profit-taking

European stocks fell in morning trading on Thursday, to pullback from a 3-week high and head for the first daily loss in 5 days on profit-taking, and doubts about the US new stimulus package to address the coronavirus impact.

The Stoxx Europe 600 index fell more than 0.2% as of 11:12 GMT, after it closed higher by 1.1% yesterday for the fourth straight day, and hit the highest since July 23 at 375.48 points, led by the telecom sector.

The pan European index opened lower, to head for the first daily loss in 5 days, with most of the major European markets and sectors seeing red today.

The basic materials sector saw the largest losses in Europe today, dropping over 1.7%, after weak business results. 

Speaker of the US House of Representatives Nancy Pelosi said on Wednesday that Democrats and the Trump administration are “miles apart” in the coronavirus relief negotiations.

S&P 500 futures fell 0.2%, after the index closed higher by 1.4% yesterday, and posted its 6-month high led by the tech sector's rally.

Back to Europe, the Euro Stoxx 50 index fell 0.3%, France's CAC 40 fell 0.2%, Germany's DAX dipped 0.1%, and the UK's FTSE 100 fell 1.0%.