European stocks are falling

European stocks fell on Tuesday as investors weighed more corporate results and comments from European Central Bank policy makers on interest rate expectations.

The European Stoxx 600 index fell 0.4 percent by 0718 GMT, affected by the decline in the mining and banking sectors, 1.8 percent and 1.5 percent, respectively, while the food and beverage index increased 0.2 percent.

The concerns of the banking sector returned to the fore after the American First Republic Bank announced that its deposits fell by more than $ 100 billion in the last quarter and that it was studying options such as restructuring its balance sheet.

UBS Bank also fell 2.8 percent after setting aside more money to settle its subprime mortgage relationship, which dealt a heavy blow to first-quarter earnings.

European Central Bank official Philip Lane told a French newspaper that the central bank will need to raise interest rates again at the monetary policy meeting scheduled for next week, while Isabelle Schnabel, a member of the European Central Bank’s executive board, told Politico that a 50 basis point rate hike is not on the table.

Nestle shares rose 1.6 percent after posting better-than-expected first-quarter sales.