European shares drop on hawkish ECB signals

European shares fell on Monday, with major regional markets in the red as investors fretted about hawkish signals from European Central Bank policymakers.

The pan-European STOXX 600 fell 0.2 per cent as of 0720 GMT. Chemicals, autos and tech stocks led declines, while miners inched 0.4 per cent higher.

The European Central Bank must keep raising rates even if a recession in Germany is increasingly likely, as inflation will stay uncomfortably high through 2023, Bundesbank president Joachim Nagel told a German newspaper.

Focus is on minutes of the ECB's last policy meeting due this week that are likely to sound hawkish, as well as on euro zone flash PMIs due Tuesday.

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