Investing.com -- Beer and carbonated soft drink volumes in Europe showed signs of slowing in recent weeks after earlier strength, while spirits remained weak, according to UBS analysis of Nielsen off-trade data for the four weeks ending September 6.

Beer volumes turned negative at -3.1% in the latest four-week period compared to growth of 4.6% in the previous four weeks. The third quarter to date still showed growth of 1% versus a 0.6% decline in the second quarter. CSD volumes slowed to 1.4% growth from 9.2% in the prior period, with third quarter to date volumes up 5.1% compared to 1.7% in the second quarter.

Spirits volumes remained under pressure at -4.9% in the latest four weeks versus -5.6% previously, showing a 5% decline for the third quarter to date compared to a 3.5% drop in the second quarter.

Among brewers, Heineken reported volumes down 0.9% in the latest four weeks after 7.8% growth previously, with third quarter to date volumes up 3.7%. Carlsberg volumes fell 1.7% versus 1% growth in the prior period. Anheuser-Busch InBev volumes declined 1.3% compared to 6.2% growth previously.

In spirits, Diageo value was up 0.4% in the latest four weeks versus a 1.6% decline previously. Pernod sales fell 3.9% compared to a 7.4% drop in the prior period. Campari sales rose 0.1% and Remy sales increased 2.6%.

CCEP CSD volumes slowed to 1.8% growth from 8.4% previously, with energy drink growth at 12% versus 20% in the prior four weeks. CCH Italy CSD volumes grew 7.7% compared to 9.6% previously. Carlsberg Britvic UK volumes increased 9% versus 11% in the prior period.