Europe's stock markets are in the red across the board at the open, with the regional Stoxx 600 index down 0.4%, the U.K.'s FTSE 100 down 0.32%, Germany's DAX down 0.29% and France's CAC 40 down 0.72%.
French drinks sellers are taking an early hit, with Pernod Ricard down 3.3%, Remy Cointreau down 4.5% and luxury giant LVMH down 2.1%, as news breaks that China's commerce ministry has issued a final ruling on its probe into European Union brandy.
The investigation ruled that the bloc has engaged in dumping of the spirit, according to a Google translation of a ministry relief. According to Reuters, a tariff rate on EU brandy will be set at up to 34.9% for five years from July 5.
Source: CNBC
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