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Roche gains on obesity drug results from early-stage trial

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'Lacklustre' guidance, mixed FY weigh on Ubisoft shares

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BMW, Daimler Truck, BP trade ex-dividend

(Updated at 0830 GMT)

By Ankika Biswas

May 16 (Reuters) - European shares edged lower on

Thursday, weighed down by German engineering group Siemens after

a second-quarter industrial profit miss, while automobile and

energy stocks were also dragged by multiple industry

heavyweights trading ex-dividend.

The pan-European STOXX 600 was down 0.1% as of 0830

GMT, after hitting a fresh record high on Wednesday, as a

lower-than-expected rise in U.S. consumer prices in April

boosted bets for a September rate cut by the Federal Reserve in

a boost to global sentiment.

"The door for central banks (to cut) have been opened again

after they looked firmly shut sometime back," said Andreas

Bruckner, European equity strategist at BofA Global Research.

Economists are still expecting a June rate cut by the

European Central Bank (ECB), Bruckner added.

The STOXX 600 gained for nine straight days till Wednesday

as investors cheered robust corporate earnings in the face of

the ECB's all-time-high interest rates after European shares'

record-breaking run came to a halt last month.

"Improvements are coming through in terms of earnings

beats, aligning with the idea the first quarter has seen green

shoots in the macro dynamics in Europe," BofA's Bruckner said.

Automobile was the worst-hit sector, down 1%, as

Bayerische Motoren Werke and Daimler Truck

dropped 5.3% and 2.6%, respectively, upon trading ex-dividend.

Energy also fell 1%, with oil major BP

shedding 2% on trading ex-dividend and Eni losing 2.3%

after Italy's Treasury sold a 2.8% stake in the energy group for

1.4 billion euros.

Siemens declined 4.3%, the biggest drag on the

STOXX 600, as second-quarter industrial profit fell 2% and

missed estimates after a slowdown at its flagship factory

automation division.

Video games group Ubisoft slid 15.4%, weighed down

by "lacklustre" guidance and "uneven" FY2024 results.

Belgian materials technology and recycling group Umicore

lost 5.4% after naming Bart Sap as chief executive

officer in a surprise move.

Limiting losses on the STOXX 600, Roche jumped 4%

after an early-stage trial showed the obesity drug candidate by

newly acquired Carmot Therapeutics led to significant weight

loss.

Insurance topped sectoral gainers, up 1.5%, with

Zurich Insurance climbing 2% after higher first-quarter

property and casualty premiums and Swiss Re jumping

4.2% after first-quarter results beat and plans to exit its

digital white-label business.

Swedish engineering and architecture consultancy firm Sweco

soared 15.1% after first-quarter core earnings beat

expectations.

Of the STOXX 600 companies that have reported

first-quarter earnings to date, 60.7% beat estimates, versus the

typical quarterly 54% beat rate, weekly LSEG data showed on

Tuesday.