European shares slip as auto stocks weigh, investors eye US-EU trade talks
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European shares retreated on Friday, giving back gains from the previous session, as automobile stocks weighed and investors awaited updates on EU-U.S. trade talks ahead of U.S. President Donald Trump 's tariff deadline next week.The pan-European STOXX 600 index 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 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 led the sectoral decline with a 1.4% drop, pressured by Valeo after the French car parts supplier cut its full-year sales outlook. Its shares slumped 12.4%.Volkswagen fell 2.4% after Europe's biggest carmaker lowered its outlook on tariff woes. Traton, 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 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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