Diageo Disappoints With 3Q Earnings As European Markets Seek Direction

European stocks were little changed to lower on Wednesday, as investors awaited a fresh batch of economic data out of the U.S. and as spirits maker Diageo slumped as sales fell unexpectedly in the third quarter. The maker of Johnnie Walker whisky and Guinness beer blamed tough conditions in emerging markets and weak consumer demand in some developed markets, but said North American consumers were resilient. Unilever was up on stronger-than-expected first-quarter sales. Aerospace company Airbus Group NV gained altitude on a plan to buy back up to 10% of shares, to be put to a shareholder vote in late May.