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Nov 7 Reuters European shares continued to lose ground on Tuesday, dragged by energy stocks, while financial services got a boost from Switzerland39;s biggest bank UBS Group jumping to a more than onemonth high following its thirdquarter results.

The panEuropean STOXX 600 was down 0.3 by 0945 GMT, set for the second day of losses, having snapped a fiveday gaining streak on Monday.

It had climbed more than 3 last week amid robust earnings and signs of an end to rate hikes by major central banks.

Some caution also persisted ahead of remarks from key central bank speakers this week, including U.S. Federal Reserve Chair Jerome Powell on Wednesday and Thursday.

It39;s not that the enthusiasm over the peak in rate hikes has gone away the only hope we have against a weak macro backdrop is to see inflation coming down and see the central banks talking a little bit more about rate cuts or at least mention it, said Michael Field, Europe market strategist at Morningstar.

ECB39;s vice president Luis de Guindos, meanwhile, said the euro zone39;s economy is likely to contract slightly or at best stagnate in the fourth quarter.

Energy stocks led sectoral declines with a 1.5 fall, tracking a near2 drop in crude oil prices.

UBS gained 3.3 after posting betterthanexpected underlying net profit in the third…