European stocks retreated from two-month peaks on Wednesday, led by a drop in the shares of JD Sports and Julius Baer, while investors kept a cautious eye on U.S. trade developments and the tax bill debate.
The pan-European STOXX 600 fell 0.4% by 0907 GMT, led by retail and auto stocks.
Shares of Julius Baer slid 4.6% after the Swiss bank reported a 130 million Swiss franc ($156.4 million) charge from a credit portfolio review and announced the replacement of its chief risk officer.
JD Sports fell 6.5% to the bottom of the STOXX 600 after the British sportswear retailer posted a 2% fall in first-quarter underlying sales and warned that higher prices in its key U.S. market could hit customer demand.
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