Beiersdorf shares fell 1.5% to €75.38 after Deutsche Bank downgraded the consumer staples company to Sell from Hold, citing continued pressure on consumer spending and structural challenges across the sector. The stock underperformed the DAX, which was down about 0.5% in early European trading. Deutsche Bank said European staples stocks were trading at their lowest relative level to the broader market in 18 years, but still expected the sector to underperform. It also pointed to slower growth in consumer wallets than nominal gross domestic product and shifting purchasing channels, including the growing influence of Amazon, Costco and Walmart in the U.S.