European shares down as Remy‘s profit warning hits drinks sector
European shares edged lower in early trading on Tuesday, retreating from a one-week high hit the pre…European shares edged lower in early trading on Tuesday, retreating from a one-week high hit the previous session, with Remy Cointreau leading the food and beverages sector lower after issuing a profit warning.
Shares in the French spirits group fell more than 7 percent after warning of a double-digit decline in full-year operating profit because of a slowdown in China.
The STOXX Europe 600 food and beverages index fell 0.7 percent, the top sectoral decliner, and put pressure on the wider market.
At 0809 GMT, the pan-European FTSEurofirst 300 index was down 0.1 percent at 1,301.07 points after closing 0.4 percent higher in the previous session.