June 5, 2023

European Stocks Muted Ahead of PMI Data; Energy Stocks Rally

European stocks fell on Monday, paring last week’s rally after weaker-than-expected economic data from the US.

The Stoxx Europe 600 declined 0.5% as of 3:33 p.m. in London, led by declines for travel and leisure stocks, while shares of luxury goods makers slumped. Markets were rattled Monday afternoon as US numbers showed the service sector nearly stagnated in May, while a measure of prices paid slid to a three-year low.

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