European shares subdued as gold retreat hits miners
- The pan-European STOXX 600 dipped 0.06%
European shares took a breather on Friday as a pullback in gold prices dragged mining stocks lower, countering strength in defence names and keeping broader markets in check.
The pan-European STOXX 600 dipped 0.06% by 0806 GMT, a day after hitting a record high.
A wave of earnings updates drove risk appetite through the week, but with little fresh data due on Friday, geopolitical developments are likely to steer markets.
Mining stocks slipped 1% and were the biggest drag on the STOXX 600, after easing geopolitical tensions weighed on gold prices.
Defence stocks rose 0.7% after two consecutive sessions of losses.
Meanwhile, HSBC shares dipped 0.6%.
The lender said it was undertaking a strategic review of its insurance business in Singapore, as part of efforts to simplify global operations.
Shares of German steel processor Kloeckner & Co gained 29% after Worthington Steel said it would buy the company in a deal valued at $2.4 billion.
ASML, the world’s biggest maker of equipment used to manufacture computer chips, edged 0.5% higher a day after topping the $500 billion market value milestone, as Morgan Stanley raised its price target on the stock.