As I may/should have guessed walking past London pubs in December that whilst Diageo may have a few problems, selling Guinness isn’t one of them. Within the Diageo results Europe showed resilience helped by strong Guinness (org sales +24%) though with continued weakness in Latam, normalisation in the US and the dreaded "downtrading" in Whisky and Tequila shares initially fell until the U.S saved them, rallying late in the day which was surprising to us. It was a slow Tuesday as we awaited the F…
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