Germany on brink of recession after GDP shrinks; eurozone beats forecasts with 0.3% growth – business live

Rolling coverage of the latest economic and financial news, including growth figures from across the eurozone

Shares in drinks giant Diageo have sunk to the bottom of the FTSE 100 leaderboard, down 8%, after reporting a drop in sales and profits.

Diageo, whose brands include Johnnie Walker, Captain Morgan, Guinness, Smirnoff and Baileys, posted a 1.4% drop in reported net sales in the year to the end of June, to $20.3bn.

Fiscal 24 was impacted by materially weaker performance in LAC [the Latin America and Caribbean region].

Excluding LAC, organic net sales grew 1.8%, driven by resilient growth in our Africa, Asia Pacific and Europe regions. This offset the decline in North America, which was attributable to a cautious consumer environment and the impact of lapping inventory replenishment in the prior year.

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