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☆ London stocks fall as investors await more data; Rolls-Royce shines
▼ + stars: | 2023-11-28 | by ( Shashwat Chauhan | ) www.reuters.com time to read: +2 min

A street cleaning operative walks past the London Stock Exchange Group building in the City of London financial district, whilst British stocks tumble as investors fear that the coronavirus outbreak could stall the global economy, in London, Britain, March 9, 2020. The exporter-heavy FTSE 100 (.FTSE) fell 0.6% touching a two-week low intraday, while the more domestically-oriented FTSE 250 midcap index (.FTMC) also shed 0.6%. Personal goods (.FTNMX402040) led declines among the major FTSE 350 sectors, with Burberry Group (BRBY.L) falling 2.7% after HSBC reduced the stock's price target. Investors will look ahead to UK mortgage data, inflation prints across the eurozone, and a Personal Consumption Expenditures (PCE) report in the U.S. - the Federal Reserve's preferred inflation gauge - later this week. Man Group (EMG.L) fell 3.2% after Morgan Stanley downgraded the hedge fund manager's stock to "Equal-Weight" from "Overweight".

Persons: Toby Melville, inflation's, Andrew Jones, Janus Henderson, Dave Ramsden, Jonathan Haskel, Pearson, Morgan Stanley, Shashwat Chauhan, Sonia Cheema Organizations: London Stock Exchange Group, REUTERS, Royce, Burberry Group, HSBC, PT Pearson, Man, Janus Henderson Investors, Bank of England's, Thomson Locations: City, London, Britain, U.S, Bengaluru

Speculation that Chevron and Exxon might try to buy rivals BP (BP.L) and Shell (SHEL.L) intensified over the last two years as the European majors underperformed their U.S. rivals. Investors punished the European companies for their pivot towards renewables and low carbon energy while rewarding the U.S. companies' focus on oil and gas production that drove record profits last year. The oil industry last went through an era of major consolidation in the late 1990s when Exxon, Shell, BP and France's TotalEnergies merged with rivals to create huge integrated companies. A senior industry source close to the issue, as well as analysts and investors dismissed any imminent U.S. purchase of European rivals. Some European investors have also campaigned for energy companies to shift their business models to help tackle climate change.

Persons: Hess, Dado Ruvic, Tyler Tebbs, Bernard Looney, Lucas Herrmann, Shell's, Exxon's, Ron Bousso, Simon Webb, Barbara Lewis Organizations: REUTERS, Chevron, Hess, LONDON, Exxon Mobil, Exxon, BP, Shell, Investors, France's, Natural Resources, MKP Advisors, BNP, Reuters, European, Thomson Locations: Ukraine, Chevron, U.S

"Gucci is the opportunity to fall in love with fashion, ancora," De Sarno said in a post on Instagram in the run-up to the show, using the Italian word for "again." Debut collections can generate mixed reactions, and even positive press reviews are not always a proxy for their future commercial success. Kering shares closed 1.5% higher after the show. At their current price, Kering shares are trading at the equivalent of around 14 times expected earnings over the next 12 months, according to LSEG data. Reporting by Mimosa Spencer and Elisa Anzolin, editing by Silvia AloisiOur Standards: The Thomson Reuters Trust Principles.

Persons: Sabato De Sarno, Kering, De Sabato, Kenneth Richard, Federico Giglio, Giglio.com, Gucci, De Sarno, De, Antoine Belge, Francois, Henri Pinault, Julia Roberts, Ryan Gosling, Louis, Dior, Alessandro Michele, Marco Bizzarri, Jean, Hermes, Mimosa Spencer, Elisa Anzolin, Silvia Aloisi Organizations: luxe, Reuters, Exane BNP, fashion's, Louis Vuitton, Moncler, Thomson Locations: Milan, Italy, New York, Chengdu, Bangkok, London, Brera

☆ Hermes defies luxury slowdown with strong sales
▼ + stars: | 2023-07-28 | by ( Mimosa Spencer | ) www.reuters.com time to read: +2 min

Hermes' results come as luxury stocks have come under pressure due to uncertainty over the pace of China's post-pandemic recovery, while a months-long spending frenzy in the U.S. market cools amid rising inflation. "We've seen no interruption in (growth) trends," Hermes Executive Chairman Axel Dumas told journalists. "Strong print across the board," said Exane BNP Paribas, citing fast sales growth and consensus-beating margins. Analysts said the results showed the strength of Hermes' business model, which entails careful management of production and stocks. Hermes shares traded up 3.3% in early morning trading, while rival Kering was up 1% and LVMH was down 0.5%.

Persons: Veronique Nichanian, Gonzalo Fuentes, Birkin, Hermes, Richemont, We've, Axel Dumas, Dumas, Bernstein, Kering, LVMH, Mimosa Spencer, Silvia Aloisi, Sharon Singleton Organizations: REUTERS, BNP, Thomson Locations: Paris, France, U.S, China

But with flights remaining limited after China's border reopening in January, European luxury stores will need to wait longer for the return of masses of tourists they once depended on for growth. The average transaction value by Chinese travellers in Europe in March was 28% above 2019 levels, UBS said, citing data from VAT refund provider Planet. Cartier-owner Richemont (CFR.S), Hermes (HRMS.PA) and LVMH were best placed to benefit from wealthy Chinese shoppers, UBS added. As wealthy Chinese return to Europe and other foreign destinations, the appeal of China's Hainan Island, a duty free shopping hotspot, appears to be waning among top luxury spenders. China's "higher income, top luxury spenders (are) already travelling abroad again," she said, leading to an observable lower per-capita spend in Hainan.

☆ Luxury industry under scrutiny as EU targets Gucci and others
▼ + stars: | 2023-04-20 | by ( ) www.reuters.com time to read: +2 min

PARIS, April 20 (Reuters) - Europe's flourishing luxury goods industry was under scrutiny on Thursday after European Union antitrust regulators started inspecting a Gucci facility in Milan as part of an investigation spanning several countries. The article prohibits agreements that restrict, prevent or distort competition within the EU and which have an effect on trade between EU member states. Kering (PRTP.PA), the French-listed owner of Gucci, late on Wednesday confirmed a Reuters report on the inspection, adding that it was cooperating fully with the European Commission investigation into the industry. Companies found guilty of breaking EU rules face fines of as much as 10% of their global turnover. The Commission said on Tuesday that the latest action was not related to other raids involving the fashion industry in the past two years.

PARIS, April 20 (Reuters) - Europe's flourishing luxury goods industry was under scrutiny on Thursday after European Union antitrust regulators inspected Gucci's Milan headquarters this week as part of an investigation spanning several countries and companies. Reuters reported on Wednesday that as part of the probe EU antitrust regulators were inspecting a facility of luxury goods company Gucci in Milan, one of the fashion capitals of the world. The inspection of the Gucci site was aimed at possible violations of the European Union's Article 101, according to a source with direct knowledge of the matter. The article prohibits agreements that restrict, prevent or distort competition within the EU and which have an effect on trade between EU member states. Kering (PRTP.PA), the French-listed owner of Gucci, late on Wednesday confirmed the inspection, adding that it was cooperating fully with the European Commission investigation into the industry.

☆ London stocks fall as hot UK inflation data spurs rate-hike fears; Fed in focus
▼ + stars: | 2023-03-22 | by ( Shashwat Chauhan | ) www.reuters.com time to read: +2 min

SummarySummary Companies UK inflation still in double-digit territoryReal estate stocks fall on rate-hike concernsBank stocks gain, help cut lossesFed decision awaited on Wednesday, BoE on ThursdayFTSE 100 down 0.2%, FTSE 250 off 0.3%March 22 (Reuters) - London's exporter-heavy FTSE 100 fell on Wednesday, with real estate stocks leading the retreat, as hotter-than-expected UK inflation data raised fears of more interest rate hikes and boosted the pound. The blue-chip FTSE 100 index (.FTSE) fell 0.2% after a near 2% bounce on Tuesday, with investors also waiting for the U.S. Federal Reserve's monetary policy decision later in the day. The pound rose sharply against the dollar after Britain's consumer price index (CPI) inflation unexpectedly rose to 10.4% in February. Real estate stocks fell (.FTUB3510) 2.2%, with British Land Company (BLND.L) down 4.2% after Morgan Stanley reduced its price target. ,Helping cut losses were banking stocks (.FTNMX301010), which gained 0.9% as fears of a crises appeared to ease.

☆ Gucci's challenge: reigniting heat while boosting timeless appeal
▼ + stars: | 2023-01-30 | by ( Mimosa Spencer | ) www.reuters.com time to read: +4 min

PARIS, Jan 30 (Reuters) - Sabato De Sarno, newly appointed by Kering (PRTP.PA) to reinvigorate its prized Gucci brand, needs to spark heat with a new direction, analysts say - a delicate task, given the emphasis executives have also put on the label's timeless appeal. De Sarno, a senior fashion designer from Valentino, is tasked as creative director with reviving the fortunes of the brand that accounted for two-thirds of Kering's profits in 2021. Analysts welcomed Kering's choice of a seasoned but relatively unknown designer, noting that previous creative director Michele did not have a public profile when he was appointed in 2002. His experience at Valentino suggests a "less eccentric aesthetic" than Gucci's previous designer, noted Carole Madjo of Barclays. The designer rose through Valentino's ranks after his arrival in 2009 to become fashion director overseeing both the men's and women's collections, working closely with chief designer Pierpaolo Piccioli.

☆ FTSE 100 rises on Next boost; recession worries loom
▼ + stars: | 2023-01-05 | by ( Shashwat Chauhan | ) www.reuters.com time to read: +2 min

The blue-chip FTSE 100 (.FTSE) climbed 0.4%, extending gains to a third straight session and outperforming most regional peers. British clothing retailer Next (NXT.L) surged 7.4% after raising its pretax profit forecast for the current year, pushing the broader retailers index (.FTNMX404010) to a more than four-month high. Oil majors BP (BP.L) and Shell (SHEL.L) rose more than 1% each as crude oil prices rebounded amid dollar weakness. Britain's services sector ended 2022 in a lacklustre fashion, with new orders falling and hiring frozen during December, a survey showed, highlighting the likelihood that Britain is already in recession. Reporting by Shashwat Chauhan in Bengaluru; editing by Uttaresh.V and Shinjini GanguliOur Standards: The Thomson Reuters Trust Principles.

Jan 3 (Reuters) - Apple Inc's (AAPL.O) stock market value fell sharply on Tuesday following its steep drop last year, putting it on track to end below $2 trillion for the first time since June 2021. The sell-off comes a year after the iPhone maker became the first company to reach the $3 trillion market capitalization milestone. At Apple's current stock price, the company is worth $1.98 trillion, just ahead of Microsoft Corp (MSFT.O), currently valued at $1.78 trillion. The combined stock market value of Apple, Microsoft, Amazon.com Inc (AMZN.O), Alphabet Inc (GOOGL.O) and Meta Platforms (META.O) now accounts for about 18% of the S&P 500, down from as much as 24% in 2020. Apple vs the S&P 500 since the iPhone's introductionEven after its 27% drop last year, Apple has provided stellar returns to long-term shareholders.

☆ Apple's market value falls below $2 trillion for the first time since 2021
▼ + stars: | 2023-01-03 | by ( ) www.reuters.com time to read: 1 min

Jan 3 (Reuters) - Apple Inc's (AAPL.O) market capitalization slipped below $2 trillion on the first trading of 2023 as its stock fell nearly 4% following a rating downgrade due to production disruption in China. Apple was the first company to hit $3 trillion in market value on Jan. 3 last year. Exane BNP Paribas analyst Jerome Ramel downgraded Apple to "neutral" from "outperform" with a price target cut to $140 from $180, according to a report by thefly.com. The iPhone maker's shares were down about 4% at $124.65. Reporting by Nivedita Balu in Bengaluru; Editing by Arun KoyyurOur Standards: The Thomson Reuters Trust Principles.

Tesla Inc (TSLA.O) fell nearly 10% as the electric-vehicle maker missed Wall Street estimates for quarterly deliveries. Other rate-sensitive technology and growth stocks such as Alphabet Inc (GOOGL.O), Meta Platforms Inc (META.O), Microsoft (MSFT.O) and Amazon.com Inc (AMZN.O) were up between 0.6% and 2.0%. The S&P 500 shed 19.4% in 2022, marking a roughly $8 trillion decline in market cap, while the Nasdaq fell 33.1%, dragged down by growth stocks. The S&P index recorded no new 52-week high and one new low, while the Nasdaq recorded 73 new highs and 23 new lows. Reporting by Shubham Batra, Ankika Biswas and Amruta Khandekar in Bengaluru; Editing by Shounak DasguptaOur Standards: The Thomson Reuters Trust Principles.

☆ UK's FTSE 100 nears 6-month high as Powell signals slower hikes
▼ + stars: | 2022-12-01 | by ( ) www.reuters.com time to read: +1 min

SummarySummary Companies FTSE 100 up 0.2%, FTSE 250 adds 1.2%Dec 1 (Reuters) - UK's FTSE 100 index climbed towards a six-month high on Thursday, extending a strong performance from last month, as investors seized on hints that the U.S. Federal Reserve will scale back the pace of its interest rate hikes. The blue-chip index (.FTSE) edged up 0.2% by 0814 GMT, holding near its strongest level since June 8, although sluggish oil stocks (.FTNMX601010) limited further gains. The domestically focussed FTSE 250 (.FTMC) jumped 1.2%. Bucking the positive mood, oil stocks (.FTNMX601010) fell 1.5% as crude prices dipped with uncertainty lingering ahead of Sunday's OPEC+ meeting. Shares of education group Pearson (PSON.L) fell 3.5% after Exane BNP Paribas downgraded the stock rating to "neutral" from "outperform".

☆ Kering shares up on report company seeks to buy Tom Ford
▼ + stars: | 2022-11-04 | by ( Mimosa Spencer | ) www.reuters.com time to read: +3 min

PARIS, Nov 4 (Reuters) - Shares in Gucci-owner Kering (PRTP.PA) rose in early Friday trading following a report the French luxury goods company is in advanced talks to buy U.S.-based fashion label Tom Ford. Shares were up 2.4% in morning trade, after the Wall Street Journal on Thursday reported the company was the front runner for a deal, with rivals including Estee Lauder (EL.N). "The logic is compelling," said Piral Dadhania of RBC, of such a deal, citing Tom Ford's past as creative director of Kering labels Gucci and Yves Saint Laurent in the nineties and into the early 2000s, as well as the label's high positioning. Kering, which has been bulking up its eyewear division, recently purchasing U.S. label Maui Jim, has also signalled interest in expanding into beauty. With few financial details available on Tom Ford's label, some analysts were cautious.

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