Julius Baer Slide Weighs On European Shares; Economic Data In Focus

May 23 - European shares fell on Tuesday, pulled down by Swiss wealth manager Julius Baer following lacklustre results, while investors awaited euro zone business activity print for signals on the path of interest rates.

The pan-European STOXX 600 index (.STOXX) slipped 0.3% by 0715 GMT, with travel & leisure (.SXTP) and financial services companies (.SXFP) leading the losses.

Shares of Julius Baer (BAER.S) slumped 7.6% after the Swiss bank reported a modest rise in assets under management and money inflows in the first four months of the year - what it called a challenging period for wealth managers.

In the UK, BT Group (BT.L) edged 0.4% higher as billionaire Patrick Drahi increased his stake in the telecoms group to 24.5%, but restated that he does not intend to make a full takeover.

Shares of French media group Vivendi (VIV.PA) fell 6.1% to the bottom of Paris' Main CAC 40 Index (.FCHI).

HCOB's flash Composite Purchasing Managers' Index (PMI) data, compiled by S&P Global, is expected to show business activity in the eurozone eased slightly this month.