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European stocks pull back after biggest rally in 2 months

North Korean leader Kim Jong Un is testing intercontinental ballistic missiles

European stocks edged lower on Tuesday, with the benchmark index pulling back after its biggest rally in two months as a North Korean missile launch rattled investors.

The Stoxx Europe 600 index SXXP, -0.16% fell 0.1% to 382.92, on track for its first loss this week. The index on Monday rallied 1.1% for its biggest one-day percentage gain since April 24, buoyed by rises for banks and oil giants.

Trading volumes on Tuesday could be lower than usual as Americans traders are out for the Independence Day holiday.

North Korea tensions: The pullback on Tuesday came as investors assessed the latest developments in North Korea. State media claimed the country has successfully test-launched an intercontinental ballistic missile, an advance in its attempt to threaten the U.S. with a nuclear weapon.

Traditional safe haven trades, such as gold and the yen, benefited from the geopolitical uncertainty. Gold GCQ7, +0.38% added 0.4% to $1,223.60 an ounce, while the dollar USDJPY...