Stock markets on both sides of the Atlantic pulled back Friday as profit-taking trimmed some of the gains seen after the Federal Reserve's interest rate cut this week.

Investors kept away from any big bets on the future direction of US interest rates while the inflation and employment pictures remain cloudy, analysts said.

European and Asian equity markets initially tracked Thursday's record performance on Wall Street but then turned negative as the mood in New York shifted. This change was partly motivated by unease about potentially excessive stock valuations in the tech sector.

Focus for global investors is switching to next week's release of US jobs data, which could provide insights into the Fed's plans for the coming year.

Partial data released Thursday showed US jobless claims r

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