European stocks slide as cognac producers retreat

The European stocks dropped, halting the two-day gain, after the companies reported lower profit. The Stoxx Europe 600 Index retreated 0.4%, as one of the Europe's largest cognac producer Remy tumbled 8.6% after forecasted that their annual profit is going to drop by more than 10%, while it's largest rival Pernod Ricard contracted 2.8%.