(Reuters) – European shares inched lower on Tuesday as declines in real estate stocks amid rising bond yields offset gains in retailers, led by Britain’s Marks & Spencer as it raised its profit outlook.
By 0720 GMT, the pan-European STOXX 600 index was down 0.1%, with the real estate sector, often considered a bond-proxy, slipping nearly 1% in early trade.
Bond yields across Europe jumped, with UK gilts spiking after data showed basic wages in Britain surged to hit a new record growth rate.
In a bright spot, British’s Marks & Spencer jumped 8.4%, rising to the top of the STOXX 600 after the retailer raised its profit outlook.
The broader retail index gained 0.7%
Pandora rose 3.5% after the Danish jewellery maker raised its full-year revenue outlook as it reported second-quarter sales above analyst forecasts.
(Reporting by Shashwat Chauhan in Bengaluru; Editing by Sonia Cheema)
