European stocks pull back despite global record highs

European stocks retreated on Tuesday morning as the rally that’s seen global stocks nudging to record highs appeared to be cooling.

The pan-European Stoxx 600 slipped 0.4 percent by late morning trade, with media stocks shedding 1.2 percent while the oil and gas sector added 0.5 percent.

The lackluster trade in Europe comes despite a global rally on Monday that saw U.S. stocks hit record highs. Meanwhile the global MSCI ACWI index inched fractionally higher to touch a fresh all-time record early on Tuesday morning