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Tobacco Companies Weigh on European Shares

April 20 (Reuters) - European shares pulled back on Tuesday after hitting record highs a day earlier, as tobacco companies weighed on UK stocks and many regional indexes edged off pre-pandemic highs.

Shares of British American Tobacco, Imperial Brands and Swedish Match fell between 1.7% and 5.6% in early trading following a report the Biden administration was considering requiring tobacco companies to lower the nicotine levels in all cigarettes sold in the United States.

UK’s blue-chip FTSE 100 fell 0.4%, Germany’s DAX was flat and France’s CAC 40 slipped 0.3%.

The pan-regional STOXX 600 index dropped 0.2% by 0707 GMT. The benchmark has hit a series of all-time highs this month after having climbed more than 10% so far in 2021.

French food group Danone slipped 0.9% even as it kept its goal of returning to profitable growth in the second half of 2021.

Swedish medical gear maker Getinge jumped 7.7% after it posted a rise in first-quarter core profit.

(Reporting by Sruthi Shankar in Bengaluru; Editing by Shounak Dasgupta)

Source: Reuters

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