European markets moved slightly lower Monday as investors digested the latest comments from U.S. Federal Reserve Chairman Jerome Powell.
The pan-European Stoxx 600 fell 0.1% in early deals, with the majority of sectors slipping into negative territory. Autos were down 1.1% while food and beverage stocks rose 0.7%.
Shares of Unicredit hit their highest level since 2015, rising 9.8%, after the Itallian bank announced that it would return 8.6 billion euros ($9.2 billion) to investors on the back of higher-than-expected profits.
In an interview with CBS’ “60 Minutes” on Sunday, Powell said the central bank would likely move at a considerably slower pace on rate cuts than the market expects.
Asia markets kickstarted their week largely lower after Powell’s comments. U.S. stock futures were flat on Sunday evening as Wall Street looks to build on another positive trading week.
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