Pernod Ricard's sales fall more than expected

Weak demand for spirits, especially in the US and China, contributed to falling sales for the spirits manufacturer, which owns Absolut vodka and other brands. Global organic sales fell 5.9 percent in the first half of the company's fiscal year. Analysts had expected sales to fall by 5.65 percent on average, according to a Bloomberg survey.

Sales of Absolut vodka, however, increased in China as well as in India, Turkey and Canada.