Technology stocks lead losses
Philips to cut 13 jobs to drive profitability
STOXX 600 down 0.6

Jan 30 Reuters European shares fell on Monday, as cautious investors anticipated a slew of interest rate hikes by prominent central banks this week, with shares of ratesensitive sectors including technology among the major laggards.

The panEuropean STOXX 600 was down 0.6 at 0955 GMT. However, optimism around betterthanfeared corporate earnings and economic resiliency have set the benchmark index on track for a monthly gain of 6.3, after losing nearly 13 in 2022.

This week could well be the pin that pops this month39;s rally and injects a dose of realism into market expectations, said Michael Hewson, chief market analyst at CMC Markets UK.

Money market bets show that the U.S. Federal Reserve is set to raise its policy rate by 25 basis points bps to 4.504.75 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, respectively, on Thursday.

Europe39;s technology index was the top decliner among sectors, down 2.1, with chipmakers ASML Holding NV and ASM International N.V. leading declines.

There is a slowdown in the chip demand… and worry that the whole slowing demand is going to be reflected in earnings after a great rally at the end of last year and at the beginning of January, Swissquote Bank senior analyst Ipek Ozkardeskaya said.

Philips soared 6, after the Dutch health technology company…