European Shares Fall as The Mining And Banking Sectors Are Hit by The Fed’s Hawkish Tone

European shares fell on Monday, as mining and banking stocks bore the brunt of an abrupt shift in the US Federal Reserve’s stance on monetary policy last week.

The pan-European Stoxx 600 index fell 0.6% to its lowest level in more than two weeks.

On Friday, the index halted a four-week winning streak after the Federal Reserve indicated that it may raise interest rates much sooner than expected.

Mining shares fell 1.7%, tracking the impact of falling metal prices, while banking shares lost 1.3% as investors took profits after a rally that lifted them more than 20% this year.

Later in the day the focus will be on European Central Bank President Christine Lagarde’s speech to the European Parliament.