European stocks decline, driven by a decline in mining and energy companies

European stocks fell on Monday after strong gains last week driven by increased bets on a cut in interest rates, with mining and energy stocks falling on weak commodity prices.

The European STOXX 600 index fell 0.1 percent by 0810 GMT after touching the highest level in four months on Friday, achieving gains for the third week in a row.

Mining company shares fell 1.9 percent as the rise in the US dollar affected copper prices, while energy company shares fell 1.4 percent with oil falling amid continuing pressure due to the OPEC+ decision and uncertainty about the growth of global fuel demand.

Federal Reserve Chairman Jerome Powell’s comments on Friday reinforced market expectations that key interest rates in the United States have peaked.

Investors are awaiting a slew of data this week, including the Eurozone Purchasing Managers’ Index, producer prices, retail sales and gross domestic product, for clues about inflation and economic expectations.

Hoffman-La Roche shares gained 1.7 percent after agreeing to acquire the biotechnology development company Carmot Therapeutics for $2.7 billion.

Rolls-Royce shares jumped 3.7 percent after JP Morgan raised its assessment of the engineering company’s shares to a recommendation of “overweight in investment portfolios” from “neutral.”