Putin hints beer tax may rise further

Reuters report revealing that Russian President Vladimir Putin continues the fight against excessive drinking and may also further raise beer taxes weighed heavily on the stock of Carlsberg (OMX: CARL B) on Tuesday. Russia is the number 1 market for the firm by far and the decline in consumption from the 20% tax increase last year that naturally also resulted in a slide in profits. Just as it was looking like the markets were finding a new equilibrium, it now seems further increases of similar magnitude may be in store in the next two years on top of bans on advertising.