The Belgian bank, Degroof, has reduced its rating on the Belgian brewing combine, Interbrew, from "hold" to "reduce" believing that the current heatwave in Europe would become a negative factor for the brewing industry.

"We do not see any reason for Interbrew to outperform the sector as more than 40% of its volumes comes from Europe," said Degroof's analyst, Christophe Piron.