Megabrewer AB InBev drags European shares lower

Shares in AB InBev tumbled as much as ten percent Friday (October 25).

That after the world's largest brewer cut profit growth forecasts for the year.

It says drinkers in Brazil and South Korea turned away from its beers in a weak third quarter.

The maker of Budweiser, Corona and Stella Artois had previously forecast strong growth in core profits.

Now it says that growth will be only 'moderate'.

The Belgium-based company's third quarter profit was unchanged year-on-year at just under 5.3 billion dollars.

Economic uncertainty in countries around the world has hit its strategy of pushing consumer towards more expensive beers.

In South Korea AB InBev had to reverse price increases after rivals failed to follow suit.

In Brazil it saw beer volumes drop three percent as competitors shipped their drink to consumers at a discount.

On Friday the firm's big share slide contributed to a down morning for European equities.