European shares fell Tuesday as investors turned cautious ahead of a speech by Federal Reserve

Chairman Jerome Powell after two U.S. central bankers struck hawkish tones overnight.

The pan-European STOXX 600 was down 0.7% by 0811 GMT. In the previous session, the index had reached its highest level in eight months.

Powell’s speech later in the day was on investors’ radar after Fed policymakers said they believed the Fed funds rate – currently at 4.25% to 4.5% – would need to rise to 5% to 5.25% to contain inflation.

Interest-rate-sensitive technology stocks fell 1.0%, while big pharmaceuticals Novo Nordisk (NYSE:NVO) and Novartis AG each fell more than 1.5%, weighing on the STOXX 600.

Mining stocks fell 1%, tracking weak copper prices as investors assessed demand risks amid fears of further interest rate hikes in the U.S.