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European stocks fall as finances, energy stocks weigh

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The situation is fueled by fears that the Federal Reserve will maintain an aggressive approach to raising interest rates.

REUTERS/Amanda Perobelli

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European stocks tumbled on finances and energy

European shares fell on Tuesday, 6, pulled down by financial and energy shares, since strong data from services activity in the United States stoked fears that the Federal Reserve can maintain its aggressive rate-raising approach. The region-wide STOXX 600 index fell 0.1%, extending losses for a third straight session. The Index posted seven consecutive weekly gains on hopes that signs of cooling inflation would allow the Fed to slow the pace of its rapid interest rate hikes. However, a report on Monday the 5th showing an unexpected recovery in US service industry activity in November, coupled with solid labor data last week, provided further evidence of economic resilience and shaken sentiment. Energy stocks were down 0.7%, while banks were down 0.6%. However, losses were offset by gains in consumer staples such as Nestlé and Unilever Plc. Among individual actions, Aeroports de Paris (ADP) said the Royal Schiphol Group has sold its remaining stake in the French airport company. ADP shares fell 13.3%.

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*With information from Reuters

Source: Jovempan

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