European stocks under pressure as banking, energy sectors ‎slide

European stocks fell today, Tuesday, under pressure from the stocks of the banking and energy sectors, as strong data on the activity of the services sector in the United States raised fears that the Federal Reserve (the US central bank) will continue to raise interest rates at large rates.

According to “Reuters”, the Stoxx 600 index fell by 0.1 percent, extending losses for the third consecutive session.

The index recorded seven consecutive weeks of gains, amid hopes that signs of declining inflation will allow the US central bank to slow its rapid rate hike.

However, a report on Monday showed an unexpected recovery in US services sector activity in November, along with strong jobs data last week, which provided new evidence of economic resilience and dampened sentiment.

The energy index fell 0.7 percent, while the banking index fell 0.6 percent. However, the rise in the shares of basic consumer goods companies, such as Nestle and Unilever, limited the losses.