European stocks fell on Tuesday, dragged down by Swiss wealth manager Julius Baer after lackluster results, as investors waited for eurozone economic activity data for signs on the path of interest rates.
The pan-European STOXX 600 index was down 0.3% at 0715 GMT, with travel, leisure and financial services companies leading the losses.
Julius Baer shares fell 7.6% after the Swiss bank reported a modest increase in assets under management and cash inflows in the first four months of the year, calling for tough times for wealth managers. .
In the UK, BT Group rose 0.4% as billionaire Patrick Drahi increased his stake in the telecoms group to 24.5%, while reaffirming that he had no intention of carrying out a full takeover bid. .
Shares of French media group Vivendi fell 6.1% and found themselves at the bottom of the main CAC 40 index in Paris.
The HCOB Composite Purchasing Managers’ Index (PMI), compiled by S&P Global, is expected to show that business activity in the eurozone has slowed slightly this month.
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