European shares dip as real estate falls offset retail gains

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.