KLM both lost 2 percent, and Lufthansa shed 1.5 percent. Around Europe, London's FTSE 100 index fell 0.2 percent, Paris's CAC-40 lost 0.8 percent. Frankfurt's DAX and Zurich's SMI both shed 0.7 percent. Some strategists remained upbeat on potential further gains, even after the recent rally in the markets. "Valuations and restructuring, not growth, are driving equities right now," said Tim Harris, a strategist at JP Morgan Private Bank. "Is this the time to lock in short-term profits? Soft macro data might suggest yes; but we note that corporate earnings momentum has not yet softened; and equity risk premia are still high and valuations modest." Among other losers, shares in French tyre maker Michelin fell 2 percent after seven teams using Michelin tyres were forced by safety concerns not to race in the U.S. Grand Prix.
