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ECB39;s Schnabel calls for caution in rate cuts beyond June

May 17 Reuters European shares dropped on Friday, dragged by declines in technology and industrials stocks, with investors looking forward to euro zone inflation data for some clarity on the path for interest rate cuts by the European Central Bank beyond June.

The panEuropean STOXX 600 dipped 0.5 as of 0830 GMT, also pressured by higher euro zone bond yields.

However, the STOXX 600 was on track for its second straight weekly advance, rising for nine straight sessions till Wednesday, as a robust earnings season offered a fresh boost to the prevailing upbeat investor sentiment.

We39;ve had a very good run, so it39;s natural to have a slight pause, said Thomas McGarrity, head of equities at RBC Wealth Management.

All eyes are on the final euro zone inflation reading later in the day, after a report showed European Central Bank board member Isabel Schnabel advocated caution about further rate cuts after a likely first one in June.

June is widely expected for the first rate cut, but it39;s natural for the ECB to try and urge a little bit of caution and sort of reiterate that it39;s data dependent, McGarrity noted.

The policy outlook for major central banks has turned a little complicated. Multiple ECB policymakers have indicated a June cut, but sounded cautious on the need for future…