European Stocks Drop Before Christmas as Retailers, Banks Fall

(Bloomberg) -- European equities retreated at the open as all sectors declined on a short trading day amid investor concern about growth and interest rates.

The Stoxx Europe 600 Index dropped 0.4 percent. British bank HSBC Holdings Plc retreated 1 percent, while luxury-goods company LVMH lost 1.2 percent.

European stocks are set for their worst year since the 2008 financial crisis. The Nasdaq on Friday plunged into a bear market, as the U.S. Federal Reserve played down volatility concerns and pledged to keep shrinking the U.S. central bank’s balance sheet. Concern around the Fed Chairman Jerome Powell’s future added to the turmoil.

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