European shares slip as auto stocks weigh, investors eye US-EU trade talks
The pan-European STOXX 600 index (.STOXX), opens new tab was down 0.6% at 548.16 points, as of 0712 GMT, after hitting a six-week high on Thursday. Still, the index remained on course for modest weekly gains.
UK's FTSE 100 (.FTSE), opens new tab dropped 0.4%, pulling back from its all-time peak reached on Thursday.
Most regional bourses were also in the red.
In the market, European automobile stocks (.SXAP), opens new tab led the sectoral decline with a 1.4% drop, pressured by Valeo (VLOF.PA), opens new tab after the French car parts supplier cut its full-year sales outlook. Its shares slumped 12.4%.
Volkswagen (VOWG.DE), opens new tab fell 2.4% after Europe's biggest carmaker lowered its outlook on tariff woes. Traton (8TRA.DE), opens new tab, a truck unit of Volkswagen, came under pressure with an 8.1% slump after it slashed its full-year outlook.
Among other stocks, Puma's (PUMG.DE), opens new tab shares slumped 18.7%, falling the most in the STOXX 600, after the German sportswear brand cut its full-year outlook and reported weaker-than-expected quarterly results.
In a week filled with trade discussions, investors cheered agreements with Japan, Indonesia and the Philippines, while hopes for a U.S.-EU deal remain as negotiations with the bloc continued.
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