Reckitt hit by surprise slowdown in baby food sales

Reckitt Benckiser cut its full-year revenue target, after lower-than-expected sales in its last quarter under long-time chief executive, Rakesh Kapoor, hurt by a surprise slowdown in demand for infant formula in China.

Shares of the British household-goods maker, which had risen the previous day to near their highest level for the year, fell by over 3%.