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BUZZ-UK grocers: HSBC warns of potential price war

Reuters - UK Focus

** Shares (Berlin: DI6.BE - news) of UK grocers fall 2-6 pct as HSBC warns of price wars

** Brokerage believes Wal Mart (NYSE: WMT - news) 's Asda may be about to fundamentally reposition on price; Wal-Mart International CEO stated recently that Asda will prioritise sales over margin

** HSBC cuts ratings across the sector; Tesco (-4.3 pct) to "hold" from "buy"; Morrison (-6 pct) to "reduce" from "hold", repeats "reduce" on Sainsbury (Amsterdam: SJ6.AS - news) (-1.8 pct)

** Brokerage lowers PTs (Other OTC: PTSH - news) : TSCO -19 pct to 195p, MRW -18 pct to 135p, SBRY -6 pct to 165p

** Morrison is top faller among FTSE 100 stocks while Tesco (Xetra: 852647 - news) is the biggest drag on the index

** Given the UK grocers' weakness, European retail index is down 1 pct and 2nd-worst performing sector