European markets fell on Tuesday, as traders followed U.S. Federal Reserve Chair Jerome Powell's congressional testimony.
The pan-European Stoxx 600 closed 0.8% lower provisionally after trading flat for most of the session, as all sectors slid into the red. Mining stocks led losses, down 2.5%, while tech stocks fell 1.8%.
Among stocks, meal delivery company Hellofresh was the worst performer, down 9.8% after reporting higher revenue and profits but forecasting lower 2023 profit than analysts had expected.
European markets
Powell warned interest rates are likely to be higher than central bank policymakers previously expected.
"If the totality of the data were to indicate that faster tightening is warranted, we would be prepared to increase the pace of rate hikes," he added.
The British pound was down 1.37% against the U.S. dollar to $1.186 at 4:30 p.m. London time, extending earlier losses. The euro was down 0.96% to $1.0575.
Earlier in the day, Bank of England rate-setter Catherine Mann said the pound would face downward pressure if markets had underestimated Fed hawkishness.
U.S. stocks fell as the testimony began. Trade was mixed overnight in the Asia-Pacific region.
