European equities slipped on Monday, pulling back after a solid performance at the end of November driven by hopes for forthcoming U.S. interest rate cuts.

By mid-morning, the German DAX Index was down 1.3 percent, the French CAC 40 had fallen 0.7 percent, and the U.K.’s FTSE 100 was off 0.2 percent. Traders were cautious ahead of key U.S. economic releases and early readings on Black Friday and Cyber Monday spending.

In company news, Airbus (EU:AIR) slumped in Paris after the manufacturer confirmed it had recalled thousands of A320-family aircraft due to potential ELAC control-system failures linked to intense solar flares.

EasyJet (LSE:EZJ) also traded lower after revealing it had finished installing software updates across its A320 fleet over the weekend.

Melrose Industries (LSE:MRO), a major name in aerospace and defense, saw a sharp drop in London following its announcement that Ross McCluskey will take over as the company’s new CFO.

Defense stocks broadly weakened as well, pressured by comments from U.S. President Donald Trump, who said Sunday there was a “good chance” of reaching a deal to end the war in Ukraine.

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