Against the trend in London, Diageo is down more than 1%, penalized by a downgrade by UBS from 'neutral' to 'sell' on the spirits group's shares, with a price target reduced from 3650 to 2650 pence.

The valuation premium of more than 10% over commodities is under threat, given the weak growth of spirits sales in the United States and the risk of lower consensus volumes outside Latin America", explains the broker.

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