Global Markets Tumble as Rally Falters and Malaria Vaccine Gets Green Light

European stocks, following losses in the US and Asia, slipped as traders dial back optimism over possible Federal Reserve interest-rate cuts and trim positions before the long Christmas weekend. The autos and real estate sectors led declines as Europe's Stoxx 600 index retreated 0.3%. Risk assets are taking a breather after this month's rally, and overbought conditions in the US have contributed to the selling. Japanese stocks were among the biggest losers in Asia, while Chinese shares posted their best day since early November. The dollar weakened against most of its peers, and Bitcoin rose as the SEC nears a deadline to approve or reject ETFs.