LONDON — European markets pulled back Friday as investors monitor the rollout of coronavirus vaccines and the rapidly approaching deadline for Brexit talks.
The pan-European Stoxx 600 fell 0.3% in early trade, telecoms shedding 1.7% to lead losses as all sectors and major bourses slid into negative territory.
British Prime Minister Boris Johnson said Thursday that there was now a "strong possibility" of the U.K. departing the EU orbit without a free trade agreement at the end of the month, with a deadline to extend talks falling on Sunday and the two sides remaining at odds on key issues.
With the U.K. already beginning to deploy the Pfizer and BioNTech Covid-19 vaccine, advisors to the U.S. Food and Drug Administration (FDA) on Thursday endorsed the shot for emergency use stateside, where cases and deaths have continued to spiral.
European markets look set for a mixed handover from Asia-Pacific, where investors continue to monitor ailing negotiations over fiscal stimulus in the U.S. There was little sign of progress Thursday as lawmakers seek to pass a bill before essential financial lifelines to Americans expire at the end of the year.
U.S. stock futures were pointing to a flat open on Wall Street Friday morning against the uncertain backdrop.
Back in Europe, the EU will finally be able to proceed with its plan to raise 750 billion euros ($908 billion) from public markets to support the bloc's economic recovery efforts, on top of the 1.074 trillion euros ($1.3 trillion) to be spent between 2021 and 2027. Hungary and Poland on Thursday dropped vetoes to a proposal linking the disbursement of funds with adherence to European values.
In terms of individual share price action, Hellofresh shares climbed more than 6% in early trade after Kepler Chevreux upgraded the stock from "hold" to "buy" and raised its target price.
At the bottom of the European blue chip index, Ericsson shares dropped more than 7% after the Swedish telecoms giant filed a patent lawsuit against Samsung in the U.S.
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