European stocks are falling under pressure from the banking and energy sectors

European stocks fell on Tuesday, December 6, under pressure from the banking and energy sectors, as strong data on the services sector activity in the United States raised fears that the US Federal Reserve will continue to raise interest rates at large rates.

The Stoxx 600 fell by 0.1%, extending losses for the third consecutive session.

The index recorded 7 consecutive weeks of gains amid hopes that signs of declining inflation will allow the US Federal Reserve to slow its rapid rate hike.

However, a report on Monday showed an unexpected rebound in US services sector activity in November, along with strong jobs data last week, providing further evidence of economic resilience and weighing on sentiment.

The energy index fell 0.7%, while the banking index fell 0.6%. However, the rise in the shares of basic consumer goods companies, such as Nestle and Unilever, limited the losses.