economy
February 25, 2026
World's biggest spirits maker Diageo falls nearly 13% after slashing dividend, lowering profit outlook
European stocks ended higher on Wednesday as global market nerves eased and investors parsed through several earnings reports.
TL;DR
- European stocks closed higher as U.S. President Trump's 10% tariff took effect, easing global market nerves.
- Diageo shares fell 12.7% after lowering its 2026 sales and profit outlook due to weaker demand in North America and China.
- Aston Martin announced a 20% workforce reduction in 2026 and reported weaker earnings, attributing performance to U.S. and China tariffs.
- HSBC reported annual pre-tax profit beating estimates, leading to a significant rise in its London-listed shares.
- U.S. stocks traded higher, with the S&P 500 up, ahead of Nvidia's earnings report.
- Asian markets, including South Korea and Japan, reached record highs overnight.
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