European stocks slipped Wednesday, with pressure on Spanish and other European bank shares pulling the market away from its highest level of the year. BMPS sank as much as 19% and were halted a few times as the bank said its liquidity could be wiped out in four months, compared with its previous projection of 11 months.

U.S. stocks closed modestly lower Wednesday, with the Dow industrials and Nasdaq Composite retreating from all-time highs set a day earlier. The market traded in a relatively tight range amid thinning volumes ahead of the December holidays. Wall Street has been in rally mode since the U.S. presidential election on Nov 8, with investors wagering that the pro-business policies of President-elect Donald Trump will spur faster economic growth.

Asian shares were a mixed bag early Thursday, as market volumes began to thin out in the run-up to the Christmas holidays, while trading was range-bound with many investors sitting on the sidelines. Many major markets in Asia will close on Monday (and a few on Tuesday as well) to observe Christmas, though Japan and China will remain open.