European stock rally pauses as investors await trade details

(Reuters) – European shares fell on Monday after a record-setting run that was fueled by easing fears of a global recession and optimism around a U.S.-China trade truce, with investors now looking for concrete details on the Phase 1 agreement.

The pan-European STOXX 600 index () was down 0.3% at 0818 GMT, after striking a record closing high on Friday.

Health care () and utilities () – commonly considered defensive stocks – led declines among the major subsectors.

European stock markets have followed their global counterparts higher in December as investors cheered the initial Sino-U.S. trade pact.

But with just two days left until the end of the decade, few major updates are expected about the finer details of the Phase 1 deal, giving equities little motivation to move much from current levels.

Among individual stocks, EssilorLuxottica (PA:) fell 2%, as the company said it had discovered fraudulent activity at a plant in Thailand that was expected to have a negative impact of 190 million euros ($213 million) on the spectacles company.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.