European shares end lower on rate cut jitters; Richemont shines
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Azelis notches worst day ever after EQT, PSP sell shares
Lagercrantz tops STOXX after Q4 report
Fitch's credit rating review on Spain on tap
ECB's Schnabel calls for caution in rate cuts beyond June
Updated at 1600 GMT
By Ankika Biswas and Johann M Cherian
May 17 (Reuters) -European shares closed loweron Friday, as investors turned cautious following remarks from a policymaker on the outlook for monetary policy, while Richemont logged its best day in over three months after announcing a management rejig.
The pan-European STOXX 600 .STOXX dipped 0.1%, with the rate-sensitive real estate sector .SX86P among top decliners,pressured by higher euro zone bond yields.
A report showed European Central Bank board member Isabel Schnabel advocated caution about further interest ratecuts after a likely first one in June, bringing uncertainties about the outlook for rate reductions to the fore.
On the data front, a final reading of euro zone inflation confirmed a previous report that showed prices increased 2.4% on an annual basis in April.
ECB policymakers have not offered clarity on the outlook of rate cuts beyond June, while U.S. Federal Reserve policymakers have not openly shifted their views about rate cut timing despite recent encouraging U.S. economic data.
"The market is in a good place in medium term. Central banks are doing what they can and they still want to cut this year, but just very steadily," said Chris Beauchamp, chief market analyst at online trading platform at IG.
"The worry is if inflation starts to move higher, so that's one thing to keep an eye on, particularly heading into June and beyond."
The main equities index managed to end itssecond straight week in gains, rising for nine straight sessions tillWednesday, as a robust earnings season offered a fresh boost to the prevailing upbeat investor sentiment.
According to LSEG data, of the 239 companies in the STOXX 600 that have reported quarterly earnings as of Tuesday, over 60% have exceeded analyst estimates, more than a long-term average of 54%.
Azelis AZE.BR fell 13% to notch its worst day on record after major shareholders EQT Partners and PSP Investmentssold shares in the specialty chemicals maker.
Nibe NIBEb.ST lost 11.9% and bottomed the STOXX asCitigroup downgraded the Swedish heat-pump maker to "neutral" from "buy".
On the flip side, Switzerland's main index .SSMI outperformed, driven by a 5.3% inRichemont CFR.S after the luxury company reportedwhat Jefferies analysts described as "reassuringly resilient" fourth-quarter results,and naming Nicolas Bos as group CEO. The broader luxury sector .STXLUXP was up 1%.
German's main index .GDAXI was flat, with utility firm E.ON EONGn.DE down 5.2% on trading ex-dividend.
Lagercrantz Group AB LAGRb.ST jumped 5.3% to top the STOXX 600 after fourth-quarter earnings, whileH&M HMb.ST rose 3.4% after RBC upgraded the fashion retailer to "outperform" from "sector perform".
French re-insurer Scor SCOR.PA dropped 6% after first-quarter results missed expectations.
Investors also await ratings agency Fitch's review of Spain's credit rating.
Reporting by Ankika Biswas and Johann M Cherian in Bengaluru; Editing by Janane Venkatraman and Richard Chang
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