Consumer Cos Down as Natural Gas Spike Seen Hurting Spending -- Consumer Roundup

Retailers and other consumer companies tumbled as traders anticipated an aggressive Federal Reserve response to inflation.

A spike in natural gas futures weighed on retail stocks in Europe, as energy costs threaten to take a devastating toll on household finances.

Adidas shares fell sharply after Chief Executive Kasper Rorsted indicated he would step down next year in an unexpected development.

Among European carriers, British Airways parent International Consolidated Airlines Group fell after the carrier said it would cut more than 10,000 flights through the rest of the summer flying season and into the winter, threatening to extend the aviation industry's chaotic post-pandemic recovery in Europe into next year.

Fast-food chain McDonald's Corp. is shaking up its board of directors with the departure of longtime member Sheila Penrose and the addition of executives from Marriott International, Johnson & Johnson and Salesforce.

Write to Rob Curran at [e-mail]

(END) Dow Jones Newswires

08-22-22 1633ET