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STOXX 600 down 0.3

May 29 Reuters European shares declined on Wednesday as rising bond yields globally spurred concerns of interest rates staying elevated for longer, even as investors awaited more economic data to firm up bets on rate cuts.

The panEuropean STOXX 600 index fell 0.3 to a threeweek low, a day after logging its worst day in a month.

All markets and sectors in the region were trading in the red, with France39;s CAC 40 index the worst performing market among peers.

Oil and gas was the only gainer among sectors, rising 1 as oil prices climbed on expectations that major producers will maintain output cuts at a meeting this Sunday.

The yield on U.S. 10year Treasuries rose to a near fourweek peak at 4.5678, while Germany39;s 10year bond yield spiked to a onemonth high and was last at 2.606 as traders digested the unexpected improvement in U.S. consumer confidence on Tuesday.

Money markets are currently pricing in interest rate cuts of 57 basis points bps in 2024 by the European Central Bank, with the first full 25 bps cut expected in July.

Investors will now shift their focus to the preliminary inflation data from Germany at 1200 GMT, which is expected to show some moderation on a monthly basis in May.

Inflation expectations in the Eurozone fell to the lowest levels since 2021. All eyes are on a series of Eurozone inflation…