European stocks tumbled on Monday amid fears that the cycle of interest rate hikes around the world will continue for a longer-than-expected period, weighing on interest-sensitive tech and real estate stocks.
The European Stoxx 600 index closed down 0.8%, losing the highest level in 9 months, which it recorded on Friday amid optimism about the eurozone economy.
Nearly all sub-indices tumbled, according to Reuters, with tech and real estate stocks among the most under selling pressure, with the two industry indexes down 2% each.
The retail sector index fell 2.2%.
Friday’s data showed strong job growth in the United States and a rebound in service sector activity last month, fueling fears of further interest rate hikes, two days after Federal Reserve Chairman Jerome Powell acknowledged that inflation has come down and the bank has raised interest rates. rates by a quarter of a percentage point.
