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European shares dip as real estate falls offset retail gains
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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.
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