European Stocks Fall as Traders Trim Rate-Cut Bets; Sanofi Drops
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European stocks fell as traders pared back expectations for an interest-rate cut by the Federal Reserve in December after cautious comments from Chair Jerome Powell.
The Stoxx Europe 600 Index was 0.7% lower at the close in London, giving back much of Thursday’s rebound as it declined for the third day this week. Media, health care and technology stocks led Friday’s retreat while basic resources gained on higher aluminum prices. China announced the removal of a tax rebate that covers over 5 million tons of exports of the metal.