Jan 30 (Reuters) – European stocks fell amid a crisis across the board amid caution ahead of central bank policy meetings later this week.
The pan-European STOXX 600 (.STOXX) was down 0.6% by 0818 GMT.
The European technology index (.SX8P), led by losses in Process NV (PRX.AS) and ASML Holding NV (ASML.AS), was the biggest decliner among sectors – down 2.1 percent.
Money market bets suggest the US Federal Reserve will raise its policy rate by 25 basis points (bps) to 4.50%-4.75% on Wednesday, while the European Central Bank (ECB) and Bank of England (BoE) are watching. Increasing by 50 bps to 2.50% each and 4.0% on Thursday.
Philips ( PHG.AS ) gained 4.3% after the Dutch health technology company said it would cut 6,000 jobs to restore profitability following a recall of ventilators that wiped 70 percent of its market value.
German renewables firm PNE AG ( PNEGn.DE ) slipped 15.3% after the infrastructure investment arm of Morgan Stanley ( MSN ) told the board of PNE AG that it would not hold talks with potential buyers of Photon PNE shares.
Reporting by Ankika Biswas in Bengaluru; Edited by Janane Venkatraman
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