European stock markets fall weighed down by bank and energy stocks

By: MRT Desk

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European stock markets fall weighed down by bank and energy stocks

European stock markets fell on Tuesday, dragged down by banking and energy values, as good data on U.S. services activity raised fears that the Federal Reserve could maintain its aggressive rate hikes for longer.

The indexSTOXX 600It fell 0.1 percent, extending losses to a third straight session.

The index has posted seven straight weekly gains, on hopes that signs of cooling inflation will allow the Federal Reserve to slow the pace of its sharp interest rate hikes.

However, data released on Monday showed an unexpected rebound in U.S. services sector activity in November, which, along with last week’s strong jobs data, has provided further evidence of the country’s economic resilience and dented confidence.

Energy stocks fell 0.7 percent, while banks fell 0.6 percent. However, the losses were offset by increases in basic consumer values, such as Nestlé (SIX:NESN) andUnilever(LON:ULVR) Plc .

Among the individual securities, 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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