Arab Today, arab today european stock markets fall remy cointreau dives
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Arab Today, arab today

European stock markets fall, Remy Cointreau dives

Arab Today, arab today

Arab Today, arab today European stock markets fall, Remy Cointreau dives

Paris - AFP

European equities fell on Tuesday, with the alcoholic drinks sector hit ahead of the festive season by a profits warning from French giant Remy Cointreau, while dealers awaited US data. In late morning deals, London's FTSE 100 index slid 0.39 percent to stand at 6,668.24 points. Frankfurt's DAX 30 dipped 0.09 percent to 9,308.58 points and in Paris the CAC 40 lost 0.20 percent to 4,293.29 compared with Monday's close. Remy Cointreau warned that slowing spirits sales in China would hit annual earnings, and posted a 20-percent slump in first-half net profits. In reaction, the maker of Remy Martin cognac saw its share price tumble 11.23 percent to 63.90 euros in Paris. "Remy Cointreau's disappointing results and bleak outlook is pulling down the entire European drinks industry today," said Markus Huber at London-based brokerage Peregrine & Black. "The main catalyst for the poor performance... has been weak demand out of China where the holiday season has not measured up expectations at all. Luxury brands are very sensitive to any change in consumer behaviour in China," Huber told AFP. Shares in Pernod Ricard, the world's second-largest maker of wine and distilled spirits, dropped 2.40 percent to 84.5 euros. And in London, the share price of British-based brewer SABMiller slid 2.09 percent to 3,186.5 pence, while peer Diageo was down 1.0 percent at 1,980 pence. "Spirits are low at Remy Cointreau this morning, following forecasts of a substantial drop in annual profits as a slowdown in China and weak demand from Europe hampers sales," added analyst Toby Morris at traders CMC Markets. Investors were meanwhile awaiting US building permits and consumer confidence data, for an update on the health of the world's biggest economy, "Consumer confidence and housing data this afternoon should provide some direction for markets, but until then equity markets are likely to remain range-bound," said Rebecca O'Keeffe, head of investment at online brokerage Interactive Investor. Europe's main markets had climbed on Monday after Iran struck a landmark deal on its nuclear programme that will see sanctions eased on the key oil exporter. The news had sent oil prices lower, weighing on the energy companies but boosting airlines owing to the prospect of lower jet fuel costs. In foreign exchange activity on Tuesday, the European single currency rose to $1.3547 from $1.3517 late in New York on Monday. But the euro pulled back to 137.35 yen from 137.43 yen on Monday, when it had hit 137.99 yen -- the highest level since October 2009. The dollar reversed to 101.38 yen from 101.66 on Tuesday, when it had surged to a six-month high of 101.92 yen on the back of safe-haven demand. On the London Bullion Market, the price of gold climbed to $1,251.77 an ounce from $1,243 on Monday. "Overall sentiment remains positive, while activity remains subdued due the shortened trading week and Thanksgiving being celebrated this Thursday, any major pullbacks are still viewed as a welcome buying opportunity," Huber noted.

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