European stock markets halted their longest consecutive gains since 2021 as investor sentiment calmed down from a rally triggered by cooling inflation in the United States.

The Stoxx 600 index closed down 0americanlegionbingonearme.21%, stopping nine consecutive gains. Automotive, industrial products and energy stocks led the decline, with Siemens shares falling.

Meanwhile, Roche Holdings rose after the Swiss pharmaceutical company said experimental drugs under development to treat obesity and type 2 diabetes had achieved positive results in the early stages.

Swiss Re shares rose after reporting solid earnings. Shares of Watches of Swiss Plc also rose sharply after reporting faster-than-expected revenue growth.

Renewed expectations for the Federal Reserve to cut interest rates helped European stock markets rebound in April. But some investors said stocks showed they had fully absorbed the interest rate outlook.

“americanlegionbingonearmeWe are kind of in 'sell good news' mode, let's face it, U.S. inflation is falling mainly because growth is slowing,"said Alexandre Hezez, chief investment officer at Group Richelieu.