Daimler slips, miners provide support as European shares pause for breath

LONDON, July 13 (Reuters) – European shares inched higher on
Thursday with investors less keen to chase the previous
session’s strong rally that came on the back of the relatively
dovish tone struck by Fed chair Janet Yellen overnight.

The pan-European STOXX 600 was up 0.1 percent, in
line with euro zone stocks and blue-chips,
with rate-sensitive real estate stocks, which were top
gainers on Wednesday, pulling back slightly.

On Wednesday, the European benchmark posted its best day
since Macron’s victory in the first round of presidential
elections, as banks and yield plays rallied.

Souring sentiment somewhat, shares in Mercedes maker Daimler
fell 1.5 percent to the bottom of the DAX after a
report accusing the carmaker of selling cars with excess
emissions.

However, continued strength among miners, which hit
a near three-month high, supported the index.

Defence and engineering services firm Babcock led
European gainers, up 3.6 percent after a positive trading
update, leaving its full-year outlook unchanged.

Earnings began trickling in from a string of French
companies.

Supermarket Casino gained 2.1 percent, leading the
retail index which was among the strongest
performers.

Spanish peer Dia also rose 2.4 percent.

Drugmaker Astrazeneca meanwhile was the worst
European performer after a report Chief Executive Pascal Soriot
was to be named CEO of Israel-based Teva Pharmaceutical
Industries.
(Reporting by Helen Reid, Editing by Vikram Subhedar)

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