European stocks halt November gains after comments by ECB ‎official ‎

European stocks fell for a second session on Tuesday after strong gains in November after the latest statements by European Central Bank policymakers refuted market expectations of a cut in interest rates next year.

According to Reuters, the European STOXX 600 index fell 0.5%, with market heavyweights such as Novo Nordisk and LVMH declining by more than 2%.

The index is still on track to achieve its best monthly performance since January, thanks to expectations that major central banks, including the Federal Reserve (US Central Bank) and the European Central Bank, have finished raising interest rates and can begin next monetary easing.

But Central Bank President Christine Lagarde said on Monday that the bank’s battle to control price growth is not over yet.

Investors will focus on a range of economic data this week, including inflation numbers in the euro zone and the personal consumption expenditures index in the United States, which is the Federal Reserve’s preferred measure of inflation, to get indications about the path of monetary policy.