Kering slips after mgmt strikes cautious tone during Q3 pre-close call

** Shares in French luxury group Kering PRTP.PA slip 1.6%, paring initial losses of about 5%; traders and analysts flag mgmt's cautious tone during a sell-side pre-close call ahead of the Gucci-owner's Q3 update

** Equita analysts point to comments about market conditions having become more difficult since July, with China remaining the main drag while the slowdown has also spread to the US and other Asian markets

** Equita adds Gucci saw a lower contribution from new products in Q3, with the full impact of recent launches expected in Q4

** Bernstein flags comments on slowing brand momentum in Q3, while Berenberg and Equita note a deteriorating consumer backdrop and a sharper-than-expected sequential slowdown

** Berenberg adds mgmt confirms the group-level expectations of H2 operating profit exceed H1 as cost-control measures continue to gain traction

** Kering is scheduled to report Q3 sales on Oct. 22