European shares dragged down by banks and miners

Business | 21 Jun 2021 3:39 pm

European shares fell on Monday as mining and bank stocks bore the brunt of a surprise shift in the U.S. Federal Reserve's stance on monetary policy last week, Reuters reports.

The pan-European STOXX 600 index was down 0.6 percent at a more-than-two-week low by 0704 GMT.

The index snapped a four-week winning streak on Friday after the Fed signalled it could raise interest rates much sooner than expected.

Mining stocks fell 1.7 percent to track a slump in metals prices, while banking shares lost 1.3 percent as investors booked profits after a run that has lifted them more than 20 percent this year.

Focus later in the day will be on a speech by European Central Bank President Christine Lagarde to the European Parliament.

 



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