European stocks fell to the lowest level in a month due to concerns about China and interest rates

European stocks closed at their lowest levels in more than a month on Monday, as investor sentiment was affected by fears that interest rates will remain high for longer and a slowdown in the Chinese economy.

The European STOXX 600 index closed down 0.6%, declining for the third session in a row. Shares of travel, entertainment, household and personal goods companies fell more than 2% each, leading the declines in the sectors.

The shares of LVMH and Kring, which were affected by the situation in China, fell by 2.6% and 4.5%, respectively, amid continuing concerns about growth in the second largest economy in the world, according to Reuters.

Mining company shares fell 0.8% as metal prices fell due to rising inventories and fears that high interest rates would remain high for a longer period globally.

Investors evaluated central banks’ decisions after the Federal Reserve (US central bank) indicated further monetary tightening while the European Central Bank hinted at temporarily stopping raising interest rates in October, while Britain, Switzerland and Japan showed a less stringent stance. suddenly.

European Central Bank President Christine Lagarde said on Monday that raising interest rates on deposits could help reduce inflation to 2%.

The German DAX index fell 1% after the latest data showed German company morale deteriorating in September, falling for the fifth month in a row.