European stocks decline at the open ahead of the announcement of inflation data

European stocks fell at the open on Thursday, dragged down by declines in interest rate-sensitive travel and technology stocks, as investors were cautious ahead of today’s important inflation data.

A Reuters poll revealed that inflation in the 20 countries using the euro was 8.2 percent in the 12 months to February, compared with 8.6 percent in the previous month. Inflation data is due at 1000 GMT.

The Stoxx Europe 600 index was down 0.7 percent by 0810 GMT.

Spain, France and Germany reported this week that inflation remained unchanged, reinforcing fears that the European Central Bank will maintain a tight monetary policy for a longer period.

The interest rate-sensitive index of technology companies fell 1.7 percent.

Flutter’s stock fell 6.4 percent and led to a 2.2 percent decline in the travel and leisure sector index, after the company announced that its core earnings for the full year fell to the lower end of its indicative range.