European shares inch lower as BAT, banks weigh

  • Reuters
  • Stock Market News
European shares inch lower as BAT, banks weigh
Credit: © Reuters.

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June 9 (Reuters) - European shares inched lower on Tuesday as declines in UK's British American Tobacco (JO: SNHJ ) and banking stocks halted a rally driven by optimism over a global recovery from the coronavirus crisis.

The pan-European STOXX 600 index .STOXX fell 0.3% by 0729 GMT, with eurozone banks .SX7E down 4.3% after a six-day run of gains.

Dragging London's FTSE 100 .FTSE lower, British American Tobacco BATS.L fell 2.8% as it cut its annual adjusted profit and revenue forecasts, citing the impact of prolonged lockdowns in South Africa and Mexico. European benchmark is still hovering near its early March highs, just 14% below its record high, while Wall Street's tech-heavy Nasdaq .IXIC closed at an all-time high on Monday, confirming a return to bull market.

Healthcare stocks .SXDP , technology .SX8P and food and beverage .SX3P supported markets, rising between 0.6% and 1.6%.

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