European stocks fell from record highs on Thursday, as investors react to the Fed’s hawkish statement and the latest Eurozone inflation figures for May.

Federal Reserve officials on Wednesday projected hikes in interest rates by 2023, a year earlier than expected amid the vaccine rollout.

Eurostat’s final reading of the Eurozone consumer price inflation for May came in at 2.0 percent on an annual basis, as estimated earlier. Inflation in the 19 countries sharing the euro rose 0.3 percent month- on-month.

Earlier today, the Swiss National Bank decided to maintain its expansionary monetary policy in order to ensure price stability and provide support to the economic recovery.

The bank repeated that it is willing to intervene in the foreign exchange market as necessary, while taking the overall currency situation into consideration.

The pan European Stoxx 600 dipped 0.3 percent to 458.39, snapping a nine-day winning streak.

The German DAX slipped 0.1 percent and the U.K.’s FTSE 100 gave up half a percent, while France’s CAC 40 index was up 0.2 percent.

Miners Anglo American, Antofagasta and Glencore fell 2-3 percent in London as China stepped up its campaign to rein in commodity prices.

Travel stocks were moving higher after reports that Britain may allow those who are double vaccinated against Covid-19 to enjoy a foreign holiday without intrusive red tape.

British Airlines-owner IAG jumped 3.4 percent, Ryanair Holdings rallied 3.5 percent and easyJet soared 4.3 percent.

Banks gained ground as the Fed’s hawkish comments sent bond yields sharply higher.

Standard Chartered surged 3 percent, HSBC Holdings advanced 2.7 percent and Lloyds Banking rose 2 percent. German banks Commerzbank and Deutsche Bank were up 3-4 percent.

Automakers advanced after industry data showed Europe’s passenger car registrations increased sharply in May. BMW, Volkswagen and Renault climbed 1-2 percent.

Passenger car sales advanced 53.4 percent year-on-year in May, after expanding 218.6 percent in April due to the low base of comparison, the European Automobile Manufacturers’ Association said.

German biotech CureVac plunged 40 percent after the company said its COVID-19 vaccine was only 47 percent effective in a late-stage trial.

Sugar producer Suedzucker lost more than 3 percent after reporting lower first-quarter earnings.

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