European Stocks Fall as SBB Dividend Halt Drags on Real Estate
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European stocks slipped on Tuesday as a dividend payment halt at SBB, one of the Sweden’s biggest commercial landlords, deepened worries about the real estate sector, while China posted weak economic data.
The Stoxx 600 was down 0.3% at the close. SBB — as Samhallsbyggnadsbolaget i Norden AB is more commonly known — sank a record 24% as it also canceled a rights issue after S&P Global Ratings downgraded its credit rating to junk. Separately, a report showed China’s export growth slowed in April and imports plummeted, adding to pressures on an economic recovery that’s already been called into question.