Europe open: Stocks in the red as investors take profits

European stocks were in the red in early trade as investors booked some profits following Thursday’s Fed-fulled gains.

At 0850 BST, the benchmark Stoxx Europe 600 index was down 0.6%, Germany’s DAX was off 0.2% and France’s CAC 40 was 0.6% weaker.

Meanwhile, oil prices retreated. West Texas Intermediate was down 1.1% to $45.82 a barrel and Brent crude was 0.8% lower at $47..

Spreadex’s Connor Campbell said: “After a series of Fed-boosted sessions the European markets have calmed down a bit this morning, each index trickling away from yesterday’s highs.

In corporate news, Danish drug maker H. Lundbeck tanked after saying an Alzheimer’s treatment failed in a late-stage study.

Indivior tumbled as 35 US states filed a lawsuit against the drug maker alleging that it tried to keep generic versions of a drug off the market.

Anglo American was a little lower after appointing Fortescue Metals’ Stephen Pearce as finance director following Rene Medori’s decision to retire, as announced back in April.

Vodafone slipped after saying it has signed a new non-equity partner agreement for Cameroon with 4G-LTE telecommunications operator Afrimax Group.

On the upside, Aryzta gained ground after it said Gary McGann, currently chairman of Paddy Power Betfair, will join its board as chairman.

Italy’s Moleskin surged after Belgium’s D’Ieteren SA said it will make an offer to buy the company.

Sports Direct rose after the retailer said Dave Forsey has resigned and will be replaced as chief executive by Mike Ashley.

Housebuilder Persimmon and its peers advanced after Liberum upped the stock to ‘buy’ from ‘hold’ as it turned more positive on the sector.