(Reuters) – European shares dropped on Tuesday, as investors were worried about what the aggressive tightening of monetary policy would do to global growth.

Australia’s central bank increased interest rates to the maximum level in 22 years. It also indicated that there would be more tightening. Investors are advised to keep an eye on the European Central Bank meeting next week as well as U.S. inflation statistics.

The pan-European Index fell 0.4% between 0709 GMT and 0709 GMT.

Tech stocks fell 0.7% in the wake of a decline in U.S. peers. French software manufacturer Dassault Systemes was the lowest-ranked stock in the STOXX600 after it was downgraded by a brokerage.

London’s was level as the pound dropped. [GBP/]

Boris Johnson (UK Prime Minister) survived the no-confidence vote Monday. He has outlined a series of new policies in an effort to consolidate his position among top ministers.

SAS fell 11.5% as the Swedish government stated that they will not provide new capital to the losing airline. They also said they do not intend on being a long-term shareholder.