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

Shares of Julius Baer 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 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 fell 6.1% to the bottom of Paris' Main CAC 40 Index.

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

(Reporting by Sruthi Shankar in Bengaluru; Editing by Sherry Jacob-Phillips)