European stock markets retreated from multiyear highs on Tuesday, ahead of the two-day U.S. Federal Reserve meeting at which the central bank could start scaling back its aggressive easing program.
The Stoxx Europe 600 index lost 0.5% to 312.00, after closing at the highest level since June 2008 on Monday.
Among country-specific indexes in Europe, Germany’s DAX 30 index dropped 0.3% to 8,592.33, after closing at the highest level on record on Monday.
The U.K.’s FTSE 100 index gave up 0.4% to 6,598.86, while France’s CAC 40 index lost 0.4% to 4,135.52.
Among notable movers in the index, shares of Lloyds Banking Group PLC fell 2.3% to 76 pence after the U.K. government placed the whole of a planned 6% stake in the bank at 75 pence per share.
Shares of Glencore Xstrata PLC dropped 2.9% after UBS cut the commodity giant to neutral from buy.
Continental fell 3.9% after Schaeffler AG and Schaeffler Verwaltungs GmbH sold a combined stake of about 4% in Europe’s second-largest car-parts maker.
A gauge of European carmakers slipped 1.4% from its highest level in at least 26 years after a report showed European car sales fell 4.9% in August. Volkswagen AG lost 1.9%, while PSA Peugeot Citroen and Fiat SpA dropped 3.6% and 1.4%, respectively.
Meanwhile Debenhams Plc gained 2% after the U.K. department-store retailer said like-for-like sales rose 0.8% in the 26 weeks to Aug. 31, compared with the median estimate for 0.5% growth in the period.
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