European shares fall after rising more than 5% in 3 days

European shares fell on Wednesday, after rising more than 5% in the previous three sessions, on the back of easing concerns about the pace of monetary tightening, as well as investors awaiting a slew of regional and US data due later on Wednesday.

The pan-European Stoxx 600 index was down 0.5% by 0711 GMT.

On Tuesday, the index recorded its best daily performance since mid-March after weak data from the US manufacturing sector, a decline in US jobless claims and a smaller-than-expected Reserve Bank of Australia rate hike, which revived hopes that central banks worldwide could announce Fewer interest rate hikes in the future.

All eyes are now on the UK composite PMI data, the Eurozone, and the US jobs data.

The auto and travel and leisure sectors declined by more than one percent each, the largest decline among the sub-indices included on the Stoxx 600.

Among corporate stocks, troubled Scandinavian Airlines rose 2.9 percent after it reached agreements with ten of the companies that lease planes to it to amend the terms of existing lease contracts.