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Well-known conglomerates Kelloggs and Kraft Heinz were among consumer staples that struggled as weaker earnings results pushed share prices lower.

Kelloggs, best known for its breakfast cereals, reported lower than expected earnings per share (EPS) for the third quarter, highlighting additional packaging costs on single-serve snacks and the impact of higher shipping costs. Despite profits increasing to $3.47bn, its share price dropped almost 9% following the results.

Meanwhile, Kraft, known for its Philadelphia and sauce brands, saw its share price fall 9.7% after it reported a 30.4% fall in operating income and slower sales growth, citing higher input costs and investments in strategic capabilities.