Europe equities fellJungleJackpotRushInvestors turn their attention to artificial intelligence leader Nvidia this weekJungleJackpotRushWhile paying attention to new clues about the interest rate outlook.
The Stoxx 600 index closed down 0JungleJackpotRush.2%。Travel, leisure and consumer goods stocks fell the most, while mining and health care stocks outperformed.
GlaxoSmithKline shares fell as the British drugmaker faces litigation that could lose billions of dollars after a laboratory found heartburn drug Zantac could cause cancer.
European stocks rebounded this month thanks to a better than expected earnings season and expectations that the European Central Bank may cut interest rates before the Federal Reserve. But market sentiment was tempered late Tuesday after Federal Reserve Governor Christopher Waller said that while recent data suggested progress on inflation may have resumed, he needed to see "a few more months" of good inflation data before starting interest rate cuts.
"The big test this week will be overcoming the huge hurdle Nvidia expects," said James Athey, portfolio manager at Marlborough Investment Management ltd.
Nvidia will report quarterly results later Wednesday, as investors look for signs that the momentum of artificial intelligence is sustainable.
At the same time, British stocks are gaining renewed popularity, in part because of falling valuations and expectations of inflation falling back to nearly three-year lows.