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European Stocks Decline as Central Bank Meetings Await

Economy

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Brussels, April 27 (QNA) - European stock indices closed lower Monday at the start of the week's trading, as investors awaited a series of central bank meetings. Concerns about the stalled US-Iranian talks also dampened risk appetite after a rise in crude oil prices.

With US stocks climbing to record highs, buoyed by the technology sector, European stocks came under pressure, particularly given the European economy's increased reliance on energy and indications from several companies that their profits would be affected by the potential conflict with Iran.

The pan-European Stoxx 600 index closed down 0.3 percent at 608.84 points, after ending last week with a 2.5 percent loss, snapping a four-week winning streak.

Technology and consumer staples stocks were the biggest drags on the Stoxx 600, falling 1.3 percent and 0.5 percent, respectively.

The oil and gas index fell 1.1 percent after earlier gains.

Major European stock exchanges followed suit, with Britain's FTSE 100 index dropping 0.56 percent to 10,321.009 points and Germany's DAX index declining 0.14 percent to 24,150.34 points, marking their sixth consecutive session of losses.

France's CAC 40 index also fell 0.19 percent to 8,141.92 points.

With oil prices holding above USD 100 a barrel, markets are awaiting the monetary policy meetings of the European Central Bank (ECB) and the Bank of England this week for clues about the possibility of interest rate hikes to curb inflationary pressures. (QNA)

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