European shares fall on downbeat earnings, SBB hits five-year low
For a Reuters live blog on U.S., UK and European stock markets, click LIVE/ or type LIVE/ in a news window
Real estate firms lead declines
SBB extends declines after dividend payment delay
Grifols top STOXX 600 gainer, lifts 2023 margin outlook
Updates prices to close, replaces analyst comment, changes stock movers
By Amruta Khandekar and Ankika Biswas
May 9 (Reuters) -European shares fell on Tuesday after a slew of weak corporate earnings soured sentiment, while investors keenly awaited crucial U.S. economic data for more clarity on the Federal Reserve's monetary policy plans.
The pan-European STOXX 600 index .STOXX closed 0.3% lower.
SBB SBBb.ST fell 24.2%, extending its slide to a five-year low after the Swedish real estate company said on Monday it would halt dividend payments and scrap a planned share issue in the wake of a credit rating cut.
The move, coupled with declines of between 3.4% and 5.3% in peers Castellum CAST.ST, Wallenstam WALLb.ST and Fabege FABG.ST, saw Europe's real estate sector .SX86P take the worst blow, down 2.9%.
The benchmark STOXX 600 index has been resilient with a 9.4% gain year-to-date, but has come under pressure recently after the European Central Bank remained steadfast in its commitment to taming price pressures as investors await U.S. inflation data.
Policymaker Peter Kazimir noted that the ECB may need to raise interest rates for longer than anticipated, and September could be the earliest moment to judge whether policy tightening so far had been effective.
Readings on U.S. consumer and producer prices, later this week, will be assessed for any signs that inflation has cooled enough for the Fed to consider easing policy tightening soon.
"If inflation turns out to be higher, that would lead to market participants repricing the possibility of rate cuts from the Fed later this year and result in more dollar strengthening," said Teeuwe Mevissen, senior macro strategist at Rabobank.
Investors also awaited an update on the U.S. debt ceiling from a meeting between President Joe Biden and top Republican lawmakers later in the day, with an unprecedented default looming in three weeks if no deal is struck.
Further, China-exposed luxury firms such as Hermes International SCA HRMS.PA, Pernod Ricard SA PERP.PA and Kering SA PRTP.PA fell between 0.9% and 2.7% after weak data on the country's imports and exports.
Among others, Direct Line Insurance Group Plc DLGD.L lost 4.6% as the British insurer said it expected earnings to be pressured in 2023.
Most European bourses edged lower, while London's FTSE 100 .FTSE shed 0.2% after a long weekend.
Meanwhile, helping cut losses in the STOXX 600 was an 8.7% jump in German dialysis specialist Fresenius Medical Care FMEG.DE on better-than-feared first-quarter earnings.
Grifols GRLS.MC soared 9.4%, the top STOXX 600 gainer, after the Spanish drugmaker lifted its 2023 margin outlook, while Italy's third-largest bank Banco BPM BAMI.MI climbed 7.6% after raising its profit targets.
Of the STOXX 600 companies that have reported first-quarter earnings so far, 66.3% have beaten estimates, Refinitiv data showed, versus the typical rate of 53%.
Reporting by Amruta Khandekar and Ankika Biswas; Editing by Sonia Cheema and Alex Richardson
免責聲明: XM Group提供線上交易平台的登入和執行服務，允許個人查看和/或使用網站所提供的內容，但不進行任何更改或擴展其服務和訪問權限，並受以下條款與條例約束：（i）條款與條例；（ii）風險提示；（iii）完全免責聲明。網站內部所提供的所有資訊，僅限於一般資訊用途。請注意，我們所有的線上交易平台內容並不構成，也不被視為進入金融市場交易的邀約或邀請 。金融市場交易會對您的投資帶來重大風險。
所有缐上交易平台所發佈的資料，僅適用於教育/資訊類用途，不包含也不應被視爲適用於金融、投資稅或交易相關諮詢和建議，或是交易價格紀錄，或是任何金融商品或非應邀途徑的金融相關優惠的交易邀約或邀請。
本網站的所有XM和第三方所提供的内容，包括意見、新聞、研究、分析、價格其他資訊和第三方網站鏈接，皆爲‘按原狀’，並作爲一般市場評論所提供，而非投資建議。請理解和接受，所有被歸類為投資研究範圍的相關内容，並非爲了促進投資研究獨立性，而根據法律要求所編寫，而是被視爲符合營銷傳播相關法律與法規所編寫的内容。請確保您已詳讀並完全理解我們的非獨立投資研究提示和風險提示資訊，相關詳情請點擊 這裡查看。
