MercedesBenz, HSBC, Allianz trade exdividend
Nexi jumps on Q1 beat, buyback programme
BESI rises after large hybrid bonding order

May 9 Reuters Europe39;s benchmark index retreated on Thursday from a recent rally, with a handful of heavily weighted stocks trading exdividend, while shares of Spanish bank BBVA slumped after announcing a hostile takeover bid for smaller rival Sabadell.

The panEuropean STOXX 600 edged 0.1 lower by 0830 GMT, after jumping 2.5 over the past four sessions and posting record closing highs for two straight days.

Britain39;s benchmark FTSE 100 was flat ahead of the Bank of England39;s policy decision later in the day. The central bank is expected to hold rates steady and likely take another step towards a rate cut, but will probably be cautious about signalling an imminent move.

Europe39;s STOXX 600 kickstarted May on a positive note, after taking a breather from the recordbreaking rally in April, owing to resilient earnings, the European Central Bank39;s indication of a likely June rate cut and ebbing Middle East tensions.

The inflation data seem to be forwarding more convincingly in Europe than the U.S. … We would expect that first rate cut from the ECB to be the start of a ratecutting cycle, said UBS Global Wealth Management multiasset strategist Kiran Ganesh.

Automobiles were the worst hit sector, down 1.2, dragged by a 5.6 drop in MercedesBenz as the German automaker39;s stock was trading exdividend.

Top executives at BMW and…