STOXX 600 hovers below record highs
Goldman Sachs raises yearend target for STOXX 600
Direct Line slides after Ageas walks away from deal

March 25 Reuters European stocks fell marginally at the start of a holidayshortened week as investors digested recent big gains spurred by dovish views from major central banks.

The STOXX 600 index slipped 0.1 on Monday, hovering just below record highs hit last week. Gains in travel and leisure stocks were offset by losses in personal and household goods stocks.

The Federal Reserve last week reiterated its projection that it would cut interest rates by 75 basis points by the end of the year, while the Bank of England BoE said the economy was heading in the right direction for rate cuts.

Meanwhile, the Swiss National Bank SNB surprised markets by reducing borrowing costs 25 basis points.

The surprise introduced by the SNB is not the start of a trend. The ECB remains on track to cut rates in June and is likely to proceed cautiously as it eases policy, said Mathieu Savary, chief European strategist at BCA Research.

Investors expect the Fed, the European Central Bank and the BoE to each deliver only 75 basis points of cuts by the end of this year, in three 25 basis point moves.

Goldman Sachs raised its 2024 yearend target for the STOXX 600 to 540 from 510, citing possible improvement in economic growth and monetary policy easing across central banks. The latest target implies a nearly 6 upside from Friday39;s close of 509.64….