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STOCKS NEWS EUROPE-Michelin sags on profit warning

Reuters - UK Focus

Shares in Michelin (Paris: FR0000121261 - news) fall 4 percent after the tyre maker posts lower quarterly sales and warns weak emerging market currencies will hurt full-year profit.

Third quarter sales fell short of market expectations, JPMorgan Cazenove analysts write in a note, highlighting that a 2 percent increase in volumes had not been enough to offset heavy currency headwinds and price/mix deterioration.

"Although we believe the company is taking the appropriate measures to address these items, the headwinds from increased currency impacts could hamper the company even into 2014," they write.

Michelin shares trade at a two-and-a-half week low of 76.58 euros at 0913 GMT, the worst performers on France's CAC 40 blue-chip index and the third worst performers on the Euro Stoxx 600.

For more on Michelin click here

Reuters messaging rm://natalie.huet.thomsonreuters.com@reuters.net