European stocks are heading for a weekly decline, with the possibility of a rate hike lasting longer

European stocks fell on Friday and were heading to end a week full of central bank decisions on a lower note, while investor assessments concluded that borrowing costs are likely to remain high for some time.

By 0709 GMT, the European Stoxx 600 index fell 0.6 percent after ending the previous session down more than one percent, as the Bank of England followed the example of the Federal Reserve and stabilized interest rates, but expressed its belief that its mission is not finished yet.

Technology stocks fell 0.3 percent, real estate stocks fell 1.1 percent, and banking stocks fell 0.4 percent.

Shares of Stellantis, Chrysler’s parent company, fell nearly 1 percent as the three Detroit automakers and the union representing American hourly workers approached the deadline to reach new labor agreements before the current strike expands to include more factories.

The National Statistics Institute said Spain’s gross domestic product grew 0.5 percent in the second quarter of the year, and revised its estimate for July to 0.4 percent growth.