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STOXX 600 down 0.5%

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Scor at bottom of STOXX 600 on forecast cut

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SEB gains after upbeat quarterly profit

(Updated at 0840 GMT)

By Shristi Achar A and Pranav Kashyap

July 16 (Reuters) - European shares fell on Tuesday

following weakness in metal miners and dour earnings from luxury

retailer Hugo Boss, while markets also assessed the chances of

Donald Trump winning the U.S. presidential race.

The pan-European STOXX 600 was down 0.5%, as of

0840 GMT. The basic resources sub-index led sectoral

declines with a 1.7% fall as it tracked easing copper prices.

Adding to the sector's losses, London-listed shares of Rio

Tinto fell 2.5% after the global mining giant reported

second-quarter iron ore shipments below estimates.

Shares of Hugo Boss tanked 8.4% after the German

fashion house cut its annual sales forecast over weakening

global consumer demand especially in markets such as China and

the UK.

The stock pulled the personal and household goods sector

down 0.6%.

Market focus continued to be on political developments in

the United States. Investors assessed the fallout from the

attempted assassination on Saturday of Trump, who nominated J.D.

Vance on Monday as his vice presidential running mate.

"The idea that Trump could win a second term in office is

being interpreted as negative for European stocks - mostly

because of protectionist policies that Trump could put into

place," said Fiona Cincotta, senior market analyst at City

Index.

"Tie that into the fact that the Federal Reserve could

potentially be cutting interest rates in September - that's also

helping U.S. stocks to stand out over Europeans shares right

now."

The European Central Bank will hold its policy meeting later

this week, where it is widely expected to hold interest rates.

Investors will however focus on remarks from policymakers to

ascertain the timing of future rate cuts.

French reinsurer Scor plunged 28% to its lowest

since December 2022 after cutting forecast for its life and

health unit. The stock dragged the insurance sub-index

down 1.2%.

Ocado ( OCDGF ) jumped 14.6% after the British online grocer

and technology group lifted its annual forecast, citing an

improvement in the profitability of its warehouse technology

business.

Swedish banking group SEB rose 3.6% on reporting a

better-than-expected quarterly profit and maintaining its annual

cost outlook, as other revenue streams helped offset pressure

from an easing interest income momentum.

On the data front, Italian EU-harmonised consumer prices

(HICP) rose 0.2% month-on-month in June and were also up 0.9%

from the year earlier, confirming preliminary data.