European stocks slip, trim biggest weekly rally in 2 months

The stocks on the European bourses halted Fed’s inaction-led rally and turned negative, with heavy losses in the mining and banking stocks leading the decline. A massive sell-off in the shares of Polymetal International Plc, triggered aggressive selling across the commodity producers.

While the banking sector stocks slide on profit-taking after the recent rally inspired by a cautious Fed stance. Also, resurgence of Brexit-related concerns after the UK’s foreign minister Boris Johnson noted that he expected the Article 50 would be triggered by early 2017, also added to the downside in the equities.

Meanwhile, Germany's DAX 30 index drops -0.27% to 10,645, while the UK's FTSE 100 index trades -0.24% lower at 6,894. Among the other indices, the French CAC 40 index rockets -0.65% to 4,479, while the pan-European Euro Stoxx 50 index declines -0.52% to trade just ahead of 3k mark.

Markets now look forward to a slew of Fedspeaks due later in the NA session, while markets continue to digest mixed preliminary PMI readings from Germany and Eurozone.