By Shashwat Chauhan and Pranav Kashyap

(Reuters) -European shares ended Wednesday on a dour note, with the closing at a three-month low as rising energy shares countered real estate losses, while focus remained on a U.S. inflation print that could alter market expectations about the Federal Reserve’s interest rate path.

The pan-European STOXX 600 index closed down 0.1% at 501.59 points, its lowest level since Aug 13.

Most regional bourses also ended lower, with losing 0.2%, while 40 was down 0.1%.

Heavyweight technology stocks were among the major sub-sector decliners, dropping 1%, while autos fell 1%.

Rate-sensitive real estate stocks were the biggest drag on the index, losing 1.4%.

Energy stocks, however, added 1.3%.

A U.S. October inflation reading showed consumer prices increased 0.2% in October, and was in line with expectations.

Traders currently see a 79% chance of the Fed cutting interest rates by 25-basis-points in December, compared to a more than 84% chance seen a month ago, as per the CME FedWatch Tool.

Rate expectations have shifted recently as markets continue to price in U.S. President-elect Donald Trump’s expected policies of lower taxes and trade tariffs, that are viewed as inflationary.

European shares have come under pressure recently as investors assessed the likelihood of tariff increases after Trump’s sweeping victory last week.

“We’re in this scenario where we’re not quite sure where we’re going. Investors are having a little bit of jitters,” said Daniela Hathorn, senior market analyst at Capital.com.

“It’s been investors prepping for a Trump win, now that Trump has won, we’re back to focusing on what’s happening in the economy. The U.S. CPI data offered no real catalyst or change in rhetoric in the market.”

Bank of France head and European Central Bank member Francois Villeroy de Galhau said that Trump’s economic agenda risks returning inflation to the U.S. and hurting economic growth worldwide.

Minutes from the ECB’s last policy meeting, where it had cut rates as expected, are scheduled to be released on Thursday.

Among individual movers, Siemens (ETR:) Energy jumped 18.9% after the utility sector supplier raised its mid-term margin target and set a new order book record.

Smiths Group (OTC:) rose 10.4% after the engineering company upgraded its annual organic revenue growth outlook.

RWE (LON:) advanced 6.1%, after Germany’s biggest utility said it would buy back shares worth up to 1.5 billion euros ($1.6 billion).

Just Eat Takeaway surged 15.9% after Europe’s biggest meal delivery firm said it struck a deal to sell its U.S. unit Grubhub to Wonder for $650 million.