Pernod Ricard SA said today it’s starting a cost-saving project to support brand development as Europe’s second-biggest distiller trimmed its forecast for full- year profit growth, citing declines in China.
European stocks advanced the most in a week, paring a weekly drop for the benchmark Stoxx Europe 600 Index, as Next Plc led retailers higher and investors awaited a speech by Federal Reserve Chairman Ben S. Bernanke.
Remy Cointreau SA fell the most in almost five years after the maker of Remy Martin cognac said it expects a “substantial double-digit” drop in annual earnings amid a Chinese crackdown on lavish spending at official events.
U.S. stocks erased gains as investors sold equities in the final 30 minutes of trading before changes to MSCI Inc. indexes, trimming an earlier rally after improved housing data. Treasuries advanced while Europe’s benchmark gauge fell for the first time in three days.
European stocks slid, posting their longest losing streak in five months, as European Central Bank President Mario Draghi said that financial-market developments and low domestic demand may hurt the euro area’s economy.
McLaren Automotive Ltd., maker of the million-dollar P1 supercar, said it has yet to see signs of a recovery in demand in China since the ruling Communist Party began cracking down on conspicuous extravagance late last year.