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PARIS: Europe’s benchmark stock index snapped a four-day winning streak on Tuesday, weighed down by basic resources and energy stocks, while French industrial gases firm Air Liquide jumped to an all-time high after hiking its 2025 margin target.

The continent-wide STOXX 600 closed 0.1% lower, after ending at a two-year high on Monday and nearing a record high, supported by upbeat earnings from industry heavyweights and expectations of more than four rate cuts this year.

Basic resources shed 1.8%, with investors’ demand for more support for China’s economy capping gains in copper prices after a deeper-than-expected mortgage rate cut by the world’s top metals consumer. Energy dropped 1.1% as oil prices fell on an uncertain global demand outlook. Leading sectoral losses, technology lost 1.7%, with software firm Temenos sliding 5.6% after forecasting slower earnings growth in 2024.

On the flip side, Air Liquide surged 8.3% on doubling its 2025 margin target following a better-than-expected annual operating profit, booting the chemicals sector 2.5% higher to a seven-week high.

Meanwhile, European Central Bank data showed negotiated euro zone wage growth slowed in 2023 final quarter, confirming expectations that pay growth has peaked although it remains far above a level consistent with 2% inflation. The data is seen as an important variable in determining the timing of rate cuts.

“Even if this increase was slightly lower than in the third quarter, the all-clear cannot be given,” Commerzbank’s senior economist Marco Wagner said in a note.

“Existing wage agreements analysed by the ECB indicate that wage growth will remain high in the current year. In addition, the proportion of companies expecting price increases is rising again.” Among other top movers, Barclays added 8.6% after laying out a three-year plan to revive flagging share price including axing 2 billion pounds of costs, returning 10 billion pounds ($12.6 billion) to shareholders and investing in its high-returning UK bank.

IHG climbed 5.4% after the Holiday Inn-owner posted slightly better-than-expected annual room revenue and said it expected to return more than $1 billion to shareholders in 2024.

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