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European shares fall on AB InBev, Brexit woes; Kering shines

Published 10/25/2019, 03:32 PM
Updated 10/25/2019, 03:40 PM
European shares fall on AB InBev, Brexit woes; Kering shines
FCHI
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PRTP
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ABI
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STOXX
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MONC
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SX3P
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(For a live blog on European stocks, type LIVE/ in an Eikon
news window)
Oct 25 (Reuters) - European shares edged lower on Friday, as
Brexit woes and Anheuser-Busch InBev's forecast of moderate
annual profit growth offset strong sales from luxury goods
makers.
The UK Prime Minister conceded for the first time on
Thursday that he could not meet his Oct. 31 Brexit deadline and
called for a general election, seen as the only way to break the
stalemate between him and parliament. The pan-European STOXX 600 .STOXX was down 0.1% at 0715
GMT with most indices slightly lower, but France's CAC 40
.FCHI outperformed and was up 0.3%.
Losses were led by the food and beverage sector .SX3P ,
weighed by Anheuser-Busch InBev ABI.BR , down 9%, after the
world's largest beer maker reported lower-than-expected
quarterly profit and forecast moderate profit growth in 2019.
On the other hand, Gucci owner Kering PRTP.PA and Italian
jacket maker Moncler MONC.MI jumped to the top of the STOXX,
as the companies joined other luxury labels in easing fears of a
major third quarter sales hit from the protests in Hong Kong.
Investors will be on the look out for a survey of business
climate indicator for Germany at 0800 GMT as Europe's
manufacturing powerhouse flirts with recession.

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