Carlsberg’s second-quarter sales miss expectations on soft volumes
Brent Lewin| Bloomberg | Getty Images
Danish brewer Carlsberg on Thursday reported slightly weaker-than-expected second-quarter sales on weaker volumes, but nevertheless raised its 2025 guidance towards the upper end.
The world’s third-largest brewer posted revenues of 25.7 billion Danish kroner ($4 billion) in the three months to June 30, just shy of the 26.4 forecast by analysts in an LSEG poll.
Reported operating profit in the first half of the year meanwhile came in at 7.23 billion Danish kroner, also below the 7.35 billion Danish kroner forecast. Organic volume growth over the period dipped 1.7%, including from the company’s recently exited San Miguel brand.
CEO Jacob Aarup-Andersen cited a “spending pause” among consumers that he said was weighing on volume growth. “The volumes do not flow in the way they did a couple of years ago,” he told CNBC’s “Squawk Box Europe.”
The company nevertheless raised its full-year profit guidance to growth of between 3% to 5% — up from 1% to 5% previously — and flagged strength in its premium and alcohol-free brews.
— Karen Gilchrist
Hopes of a sharp U.K. rebound ‘likely to be dashed,’ economist says
The Millennium Bridge during a heat wave on Aug. 12, 2025, in London.
Ben Montgomery | Getty Images
Month on month, the U.K. economy grew 0.4% in June after a 0.1% contraction in May, today’s preliminary data showed.
George Brown, a senior economist at Schroders, said the slowdown reflected a drop in manufacturing following tariff frontloading in the first quarter.
“This drag should ease in the third quarter, even against a tougher global trade backdrop,” he said.
“Still, hopes of a sharp rebound are likely to be dashed. The labour market has softened, and capacity constraints mean even tepid growth is generating inflation pressures.”
— Chloe Taylor, Holly Ellyatt
UK economy grows by better-than-expected 0.3% in second quarter
A waiter prepares a restaurant terrace ahead of opening in London, UK, on Wednesday, June 18, 2025. U.K. employment plunged by the most in five years and wage growth slowed more than forecast.
Bloomberg | Bloomberg | Getty Images
The U.K. economy expanded by a better-than-expected 0.3% in the second quarter, according to preliminary estimates from the U.K.’s Office for National Statistics out on Thursday.
Economists polled by Reuters had expected the country’s gross domestic product (GDP) to expand by a tepid 0.1% over the period, up from bumper growth of 0.7% in the first quarter.
Month-on-month, the economy grew 0.4% in June after a 0.1% contraction in May, failing to shake off the impact of U.S. tariffs and business uncertainty.
— Holly Ellyatt
How Putin could try to outmaneuver Trump when they meet
FILE PHOTO: U.S. President Donald Trump and Russia’s President Vladimir Putin talk during the family photo session at the APEC Summit in Danang, Vietnam November 11, 2017.
Jorge Silva | Reuters
Russian President Vladimir Putin’s standing in the West may be pretty low, but he’s a skilled and seasoned statesman who shouldn’t be underestimated, analysts say — and he’s likely to be looking to outmaneuver his less experienced U.S. counterpart when the leaders meet in Alaska on Friday.
Putin and U.S. President Donald Trump are meeting to try to negotiate an end to the war in Ukraine, but close followers of Moscow’s leadership are skeptical that any lasting resolution will be reached at the summit.
Read more from CNBC’s Holly Ellyatt here.
Here are the opening calls
The City of London financial district at sunrise.
Alexander Spatari | Moment | Getty Images
Good morning from London, and welcome to CNBC’s live blog covering all the action and business news in European financial markets on Thursday.
Futures data from IG suggests a generally positive open for European indexes, with London’s FTSE 100 seen opening 0.15% higher, France’s CAC 40 and Germany’s DAX are seen opening around the flatline, and Italy’s FTSE MIB slightly higher.
The pullback in sentiment among European bourses comes ahead of the latest indicator of the state of health of major regional economies, with gross domestic product readings from the U.K. and European Union on Thursday.
European markets had ended the day higher on Wednesday, with the pan-European Stoxx 600 index rising 0.55% after the S&P 500 and Nasdaq Composite rallied to new records yesterday. Investors are gearing up for more inflation data to assess the state of the U.S. economy.
The producer price index, due Thursday, will be significant factors in the direction interest rates take at the Federal Reserve’s next meeting in September.
— Holly Ellyatt
What to keep an eye on Thursday
An aerial drone view shows the Reichstag (upper left corner) in Berlin, Germany, on February 22, 2025.
Nurphoto | Nurphoto | Getty Images
Earnings are set to come from Adyen, Swiss Re, Hapag-Lloyd, RWE, Talanx, CVC Capital Partners, Aviva, Antofagasta and Carlsberg on Thursday.
On the data front, U.K. second-quarter preliminary gross domestic product figures are released at 7 a.m. London time, followed by the latest French inflation figures shortly after and the EU employment and GDP data at 10 a.m. London time.
— Holly Ellyatt
