Technology stocks have pushed European markets lower, following remarks leaning towards monetary tightening from Federal Reserve Chair Jerome Powell. The European "Stoxx 600" index closed down 0.5%, continuing its decline for the third consecutive session. Powell confirmed to U.S. lawmakers that "officials agree on the likelihood of needing to raise borrowing costs despite temporarily halting interest rate hikes in the latest monetary policy committee meeting."
Technology stocks, which are sensitive to interest rate movements, dropped by 1.6%. Additionally, the British consumer price index defied expectations, remaining at 8.7% in May. The real estate sector index fell by 1.6%.
