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Carrefour dip rattles retail equities as Europe extends revenues
On Thursday, Europe's equities extended their relief bounce, although were unlikely to dodge a third straight month of dips as they entered the last trading day of a weird turbulent August, while a revenue warning from Carrefour weighed on the retail sector.
The STOXX 600 acquired 0.5%, euro zone equities along with blue-chips rallied 0.6%, spurred by strong revenues from construction stocks and miners, while the retail sector went down 1.3%.
Carrefour stocks edged down 14%, set for their worst daily decline for 20 years. They dipped after the French supermarket chain announced that 2017 revenue could descend by 12% and cut its sales surge objective. The supermarket chain explained that weaker than expected first-half profits were caused by the fact that intense competition in the retail sector put pressure on margins.
As for French peer Casino, it also demonstrated a 5% dip because market participants faced similar pressures.
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