Tech stocks lead losses in Europe on rate jitters

European shares fell on Monday amid a rout across the board as caution crept in ahead of a slew of central bank policy meetings later this week, with shares of rate-sensitive stocks like technology among the major drags. The pan-European STOXX 600 was down 0.6% at 0818 GMT.

European shares fell on Monday amid a rout across the board as caution crept in ahead of a slew of central bank policy meetings later this week, with shares of rate-sensitive stocks like technology among the major drags.

The pan-European STOXX 600 was down 0.6% at 0818 GMT. Europe's technology index, led by losses in Prosus NV and ASML Holding NV, was the top decliner among sectors - down 2.1%.

Money market bets show that the U.S. Federal Reserve is set to raise its policy rate by 25 basis points (bps) to 4.50%-4.75% on Wednesday, while the European Central Bank (ECB) and the Bank of England (BoE) are seen raising rates by 50 bps each to 2.50% and 4.0% on Thursday.

Philips gained 4.3% after the Dutch health technology company announced it would scrap 6,000 jobs to restore profitability following a recall of respiratory devices that knocked off 70% of its market value.

German renewable firm PNE AG slid 15.3% after Morgan Stanley's infrastructure investment arm informed PNE AG's board that it is no longer pursuing talks with potential buyers of Photon's PNE stake.