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Nov 16 Reuters Europe39;s benchmark index dropped on Thursday, dragged by energy stocks, following a threeday run on optimism regarding a peak in policy tightening and eventual rate cuts.

The panEuropean STOXX 600 fell 0.4 by 0940 GMT after gaining 2.5 over the past three days and scaling a more than onemonth high on Wednesday.

Through the course of the week, inflation data out of the United States and the UK reinforced hopes that their central banks were done raising rates. Investors are shifting focus to the euro zone39;s inflation reading on Friday.

A bit of profittaking is going on following the wave of euphoria after lowerthanexpected inflation led to quite a lot of optimism that perhaps rate cuts would come sooner rather than later, said Susannah Streeter, head of money and markets at Hargreaves Lansdown.

Also, clouds have been gathering over the euro zone economy for some time with Germany in particular facing a slowdown.

Energy stocks led sectoral declines with a 1.4 fall, tracking lower crude oil prices.

The luxury sector also eased from the near twomonth high hit on Wednesday.

Prominent names, including Kering, LVMH and Richemont shed over 1 each following Burberry39;s 8 drop after the British luxury fashion brand said it was grappling with a slowdown in global spending on luxury and would struggle to meet…