European shares slipped on Friday after a rally in the previous session spurred by the U.S. Federal Reserve's outsized interest rate cut, while shares of Mercedes were set for their worst day in 15 months after the automaker cut its core profit outlook.
The pan-European STOXX 600 index fell 0.4% to 519.76 points as of 0805 GMT but was on track for a second straight week of gains.
All major European markets were trading lower, except Spain's that edged up 0.1%.
Automobile shares led sectoral losses with a 2.9% fall, hurt by a 7.6% drop in Mercedes-Benz after the carmaker cut its full-year profit margin for the second time in less than two months, as overall sales volume fell in China.
Mercedes also dragged the German benchmark index, which declined 0.8%. German producer prices fell less than expected in August, decreasing by 0.8% on the year versus expectations of a 1% decline.
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