European shares inch lower as BAT, banks weigh

Reuters June 9 | Updated on June 09, 2020

File Photo   -  Bloomberg

European shares inched lower on Tuesday as declines in the UK's British American Tobacco and banking stocks halted a rally driven by optimism over a global recovery from the coronavirus crisis.

The pan-European STOXX 600 index fell 0.3 per cent by 0729 GMT, with eurozone banks down 4.3 per cent after a six-day run of gains.

Dragging London's FTSE 100 lower, British American Tobacco fell 2.8 per cent as it cut its annual adjusted profit and revenue forecasts, citing the impact of prolonged lockdowns in South Africa and Mexico.

The European benchmark is still hovering near its early March highs, just 14 per cent below its record high, while Wall Street's tech-heavy Nasdaq closed at an all-time high on Monday, confirming a return to a bull market.

Healthcare stocks, technology and food and beverage supported markets, rising between 0.6 per cent and 1.6 per cent.

Published on June 09, 2020

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