Where Your Speech Is Free And Your Comment Is King - Post A Link

THE NEWS COMMENTER

Screenshot Reuters.com
VOTE  (0)  (0)

LVMH and luxury shares slide as China concerns linger


Added 10-10-18 04:03:02am EST - “Shares in LVMH fell in early trading on Wednesday even as its all-important fash...” - Reuters.com

CLICK TO SHARE

Posted By TheNewsCommenter: From Reuters.com: “LVMH and luxury shares slide as China concerns linger”. Below is an excerpt from the article.

PARIS (Reuters) - Shares in LVMH (LVMH.PA) fell in early trading on Wednesday even as its all-important fashion and leather goods unit did better than expected in the third quarter, with the broader luxury sector also rattled by lingering fears of a Chinese slowdown.

Concerns over an ebbing in demand for branded goods among Chinese consumers have hit luxury stocks in recent days, as a trade war between Beijing and Washington simmers.

LVMH on Tuesday reported a 14 percent rise in comparable sales in its key handbags and fashion division, home to its Louis Vuitton and Christian Dior brands, beating forecasts, and overall revenues were in line with expectations.

“I think the market is in sell the news mode, anticipating a looming slowdown due to the trade war,” a trader in Geneva said.

Brokers at Morgan Stanley downgraded the luxury goods sector to “underweight” on Wednesday, also adding to pressure on industry stocks.

Read more...

Post a comment.

CLICK TO SHARE

BACK TO THE HOME-PAGE