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European stocks fell Friday, marking their worst weekly drop in three months by rounding it off with a disappointing outlook from Cartier parent Richemont and lingering concerns about tax-cut legislation in the U.S. The Stoxx Europe 600 SXXP, -0.35% shed 0.4% to end at 388.69, the lowest close since Oct. 25, according to FactSet data. Only the financial sector finished higher.
U.S. stock benchmarks closed mostly lower on Friday, putting an end to multiweek winning streaks by the major indexes as investors expressed nagging anxiety about a possible delay in much-anticipated corporate tax cuts. However, some strong corporate results limited the day's decline and kept the Nasdaq in barely positive territory.
Most Asia Pacific stock markets started the week on a quiet note, though the Japanese stock market continued to fall. The Nikkei Stock Average NIK, -0.62% finished morning trading down 0.7% after it posted a 0.8% loss on Friday, its largest percentage loss in two months, amid broad regional weakness. The benchmark had surged 21% from early September through last week before the rally paused Thursday.
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