European shares fall as Sweden's SBB drags

Kitco Media
By Reuters
Published:
Updated:
Reuters
(For a Reuters live blog on U.S., UK and European stock markets, click LIVE/ or type LIVE/ in a news window) May 9 (Reuters) - European shares fell on Tuesday, with Sweden's SBB leading declines after delaying its dividend payment while investors remained wary ahead of crucial upcoming U.S. economic data releases. The pan-European STOXX 600 index fell 0.2% by 7:06 GMT, with investor focus on U.S. consumer prices data due later this week for cues on whether the Federal Reserve can pause future rate hikes. SBB dropped 7.7% after the Swedish landlord on Monday said it would delay its dividend payment and no longer carry out a 2.63 billion Swedish crowns ($259.1 million) rights issue after S&P Global cut its credit rating to junk. Limiting losses, Banco BPM climbed 4.9% after Italy's third-largest bank raised its profit target for this year and the next, following stronger-than-expected first-quarter earnings. Fresenius Medical Care advanced 1.4% after the German dialysis specialist reported a smaller-than-expected drop in its first-quarter adjusted operating income.



(Reporting by Amruta Khandekar)

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