European Stocks Drop From Their Highest Level in a Month

European shares fell from a one-month closing high on Thursday after a disappointing response to the US Federal Reserve’s pledge to keep interest rates low for a long time.

By 07:10 GMT, the Stoxx600 index was down 1.1% and is on track to end a four-session winning streak.

The Fed pledged to keep interest rates near zero until inflation is on track towards surpassing the 2% target, as expected. But Fed Chairman Jerome Powell said the economic recovery was expected to slow, requiring continued support from other government spending.

US technology stocks led the decline on Wednesday, while their European counterpart fell 1.6%. The banking, auto and mining sectors were the largest in Europe, dropping about 2%.