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The pan-European STOXX 600 index (.STOXX) rose 0.3%. The rate-sensitive tech sector index (.SX8P) added 1.6%, while miners (.SXPP) jumped 1.8% to a seven-week high. Industrial metal prices rose after the People's Bank of China (PBOC) lowered a short-term lending rate for the first time in 10 months to prop up risk sentiment. Embracer (EMBRACb.ST) jumped 5.2% to the top of the STOXX 600, after the Swedish games group announced a restructuring programme to slash costs and investments, including development of new products. Shares of Admiral(ADML.L), meanwhile, slid 6.1% to the bottom of the STOXX 600 after traders said Citi cut its rating on the British motor and home insurer to "sell."

Persons: Stuart Cole, Shreyashi Sanyal, Rashmi Aich Organizations: Miners, U.S . Federal, People's Bank of China, Equiti, Traders, European Central Bank, Union, Nvidia, Citi, Thomson Locations: China, Swedish, Bengaluru

The pan-European STOXX 600 index (.STOXX) closed 0.2% higher, with the DAX (.GDAXI) up 0.9%. Luxury majors LVMH (LVMH.PA) and Hermes (HRMS.PA) climbed 1.8% and 3%, respectively, further supporting the STOXX 600. Meetings of the U.S. Federal Reserve, the European Central Bank and the Bank of Japan are lined up for the week. The STOXX 600 started the year on a stronger footing compared to the S&P 500 index (.SPX) but lost steam during the second quarter due to a rise in preference for growth-oriented stocks as opposed to value stocks. Shares in SES tumbled 14.6% to the bottom of the STOXX 600 after the satellite company announced its chief executive Steve Collar would step down.

Persons: BOJ, Bernstein, DAX, Lionel Messi's, Hermes, Daniela Hathorn, Sergio Ermotti, he’s, Michael Hewson, Silvio Berlusconi, Steve Collar, Shreyashi Sanyal, Bansari, Eileen Soreng Organizations: Fed, ECB, Adidas, UBS, CS, Inter Miami, U.S . Federal Reserve, European Central Bank, Bank of Japan, Credit Suisse, CMC Markets, MEDIAFOREUROPE, Italian, Novartis, Seattle, Chinook Therapeutics, SES, BNP, Exane, Thomson Locations: Europe, Bengaluru

☆ How a quest for identity made China the luxury powerhouse that it is today
▼ + stars: | 2023-06-09 | by ( Nidhi Pandurangi | ) www.businessinsider.com time to read: +5 min

"Traditions provide identity. As CCP has destroyed Chinese traditions, luxury brands step in to provide that," he tweeted. Consider this: The country's luxury market is set to hit 816 billion yuan, or $115 billion, by 2025. "Traditions provide identity. Rapid urbanization and consumerism did more to fuel China's luxury boom than a lack of religion, he said.

Persons: Desmond Shum, —, That's, PwC, Bernard Arnault —, Shum —, Shum, Simon & Schuster, Pierre Xiao Lu, Lu, Karl Gerth, Gerth, Yuwan Hu, Chanel, Dior, Louis Vuitton Organizations: CCP, Service, Privacy, Shanghai's Fudan University, Wharton, University of California, Daxue Consulting Locations: China, Europe, Today's China, San Diego, Beijing

☆ Spanish stocks outperform as Inditex jumps
▼ + stars: | 2023-06-07 | by ( ) www.reuters.com time to read: +1 min

June 7 (Reuters) - Spanish stocks rose on Wednesday after Zara-owner Inditex's strong quarterly showing, while its European peers lagged as luxury companies and miners dipped after weak China trade data. The pan-European STOXX 600 index (.STOXX) edged 0.2% lower, while Spain's IBEX 35 index (.IBEX) gained 0.6%, as of 0712 GMT. Inditex (ITX.MC) rose nearly 4% after it said sales of its spring-summer collection jumped by 16% over the past month. European retailers (.SXRP) jumped 2.2%, leading sectoral gains, while miners (.SXPP) shed 0.7%. Worries also remained of further interest rate hikes by major central banks, including the European Central Bank and U.S. Federal Reserve next week, in the face of slowing economic growth.

Persons: Shreyashi Sanyal, Sonia Cheema Organizations: European Central Bank, U.S . Federal Reserve, Thomson Locations: Zara, China, Bengaluru

☆ Stingy European savers will help the ECB, not LVMH
▼ + stars: | 2023-06-06 | by ( Francesco Guerrera | ) www.reuters.com time to read: +7 min

LONDON, June 6 (Reuters Breakingviews) - Pandemic-era lockdowns and government stimulus have left euro zone citizens with 1 trillion euros in extra savings. That will leave consumer goods giants like $445 billion LVMH (LVMH.PA) downcast, but the European Central Bank pretty pleased. Euro zone citizens put as much as 1 trillion euros – or 8% of GDP – in their piggy banks since the health emergency, according to Oxford Economics’ estimates. Finally, euro zone savers have been favouring the higher returns offered by illiquid assets instead of sticking with easily accessible cash. These investments account for 33% of euro zone citizens’ total financial assets, compared to 30% before the pandemic.

Persons: can’t, –, lockdowns, Christine Lagarde, George Hay, Oliver Taslic Organizations: Reuters, European Central Bank, Oxford Economics, White House, –, Federal Reserve Bank of San, San Francisco Fed, Walmart, United Airlines, American Airlines, U.S, U.S . Federal, Allianz, BMW, stingy, Thomson Locations: U.S, Ukraine, Federal Reserve Bank of San Francisco, U.S ., Europe, Germany, France, Italy, Spain, That’s, Asia

☆ Premarket stocks: The uber-wealthy are doing just fine and Wall Street is cashing in
▼ + stars: | 2023-06-02 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +7 min

But that’s not the case for everyone: The ultra-wealthy are doing just fine, and Wall Street firms are taking advantage of that. Germany, the largest economy in Europe, has slipped into recession as energy price shocks took their toll on consumer spending. In the past 10 weeks, JPMorgan Global Wealth Management opened 40,000 new accounts. Last year, it added around one new client with assets of $100 million or more per day, Mary Erdoes, head of asset and wealth management at the bank, told investors last week. Dollar General customers turn to food banksDollar General (DG) stock had one of its worst days ever on Thursday.

Persons: New York CNN —, that’s, JPMorgan Chase, Andy Cohen, Mary Erdoes, It’s, Goldman Sachs, Louis Vuitton, Dom Pérignon, Dior, Huw Roberts, Hermes —, Roberts, ”, Erwan, “, Gregory Daco, Allison Morrow, Jeff Owen, Owen, Cash, They’re, Elisabeth Buchwald, Treasury hasn’t, Biden Organizations: CNN Business, Bell, New York CNN, Wall, JPMorgan, Bloomberg, JPMorgan Global Wealth Management, Citigroup, International Monetary Fund, Lamborghini, HSBC, EY, Dollar, Treasury, US Treasury Locations: New York, China, United States, Germany, Europe, BlackRock

☆ Elon Musk has displaced Bernard Arnault as the world's richest person, as Tesla stock surges and LVMH slumps
▼ + stars: | 2023-06-01 | by ( George Glover | ) www.businessinsider.com time to read: +2 min

Elon Musk has reclaimed the title of world's richest person, per the Bloomberg Billionaires Index. The electric-vehicle pioneer's wealth rose in May thanks to Tesla's stock price surging. Musk surpassed Bernard Arnault on Wednesday after Paris-listed LVMH shares fell nearly 3%. Musk's wealth passed Arnault's on Wednesday after LVMH slipped nearly 3% in Paris trading, according to the Bloomberg Billionaires Index. He's still comfortably the world's second-richest person, ahead of Bezos, who's worth $144 billion.

Persons: Elon, Bernard Arnault, —, Elon Musk, LVMH, Tesla, –, Jeff Bezos –, he's, Linda Yaccarino, Arnault's LVMH, He's, Bill Gates, Larry Ellison, Steve Ballmer, Warren Buffett, Larry Page, Sergey Brin, Mark Zuckerberg, Read, Hermes Organizations: Bloomberg, Service, Privacy, Amazon, Google Locations: Paris, Bezos

☆ Elon Musk is the world's richest person again
▼ + stars: | 2023-06-01 | by ( Sheila Chiang | ) www.cnbc.com time to read: +1 min

Elon Musk is the wealthiest person in the world again. Elon Musk is the richest person in the world again, according to Bloomberg Billionaires Index's updated figures Thursday. Musk owns about 13% of Tesla, according to FactSet data. Musk was knocked out of first place by LVMH CEO Bernard Arnault in December, after shares of Tesla fell after his $44 billion acquisition of Twitter. During the visit, Qin sought to assure Musk that China is open to foreign businesses and would continue to offer a friendly business environment to them.

Persons: Elon Musk, Index's, Musk, Bernard Arnault, Tesla, Qin Gang, Qin Organizations: Bloomberg, Twitter, SpaceX Locations: Shanghai, China

☆ Shares fall as US debt deal goes to a vote; China data rattles nerves
▼ + stars: | 2023-05-31 | by ( Amanda Cooper | ) www.reuters.com time to read: +4 min

Data showed China's manufacturing activity fell more than expected in May, while services growth -- which has been one of the few bright spots in its patchy recovery -- slackened to its slowest pace in four months. For any investors hoping for a sustained bounce in Chinese growth after the elimination of stringent COVID restrictions late last year, the figures offered more evidence that the economy is losing steam, further dimming the global outlook. The euro tumbled by as much as 0.7% on the day after data showed a rapid cooling in consumer price pressures in both France and Germany - the region's two largest economies. Meanwhile, Treasury yields fell after a deal to suspend the U.S. debt limit and avoid a default cleared a House of Representatives committee overnight. Two-year yields fell 5 bps to 4.428%.

Persons: they're, Michael Hewson, COVID, Matt Simpson, Treasuries, Brent, Tom Westbrook, Sam Holmes, Kim Coghill, Kirsten Donovan Organizations: Global, CMC, Burberry, Swatch Group, European Central Bank, Thomson Locations: China, Washington, Europe, France, Germany, Singapore

☆ Elon Musk is once again the world’s richest man
▼ + stars: | 2023-05-31 | by ( Michelle Toh | ) edition.cnn.com time to read: +1 min

Hong Kong CNN —Elon Musk has reclaimed his position as the world’s wealthiest person. This week, Arnault’s wealth slid after a drop in LVMH’s stock Wednesday, according to Bloomberg calculations. Arnault surpassed Musk in December, as his wealth climbed due to a boom in luxury goods sales that helped drive up LVMH’s stock price. Musk, meanwhile, has enjoyed a meteoric rise up the world’s rich lists in recent years as his fortunes are directly linked to those of Tesla, the electric automaker. Outside of Tesla, Musk is also CEO of SpaceX, the space exploration firm, and the owner of social network Twitter (TWTR).

Persons: Hong Kong CNN — Elon, Bernard Arnault’s, Louis Vuitton, Dior, Celine, Musk, Tesla Organizations: Hong Kong CNN, Bloomberg, SpaceX, Twitter Locations: Hong Kong

☆ The world's richest man's plan to build a luxury hotel on LA's most famous shopping street was torpedoed after residents voted against it
▼ + stars: | 2023-05-30 | by ( Grace Dean | ) www.businessinsider.com time to read: +5 min

Beverly Hills residents voted against Bernard Arnault's plan to build a luxury hotel on Rodeo Drive. Plans for the Rodeo Drive hotel included 115 rooms with a ninth-story penthouse, private club, spa, shops, and three restaurants. A "Yes on B and C" campaign sign is displayed at the site of the proposed Cheval Blanc Hotel on Rodeo Drive. Rodeo Drive is already home to a number of Arnault's businesses, including a Dior store. Other luxury fashion brands including Prada, Gucci, Yves San Laurent, and Valentino also have stores on Rodeo Drive.

☆ None of the Roy children deserve to succeed Logan but I'm hoping it's Shiv
▼ + stars: | 2023-05-28 | by ( Rebecca Knight | ) www.businessinsider.com time to read: +5 min

There are really no good choices for who should succeed Logan Roy in "Succession." She also fakes authenticity — a power move, one expert told Insider. The show revolves around the deeply dysfunctional Roy family and the jockeying to succeed Logan Roy, the recently deceased patriarch played by Brian Cox, as head of the family media empire, Waystar Royco, loosely based on Fox News and News Corp. "Shiv seems to be a person who gets relationships," Gino told Insider. The media baron and inspiration for Logan Roy, Rupert Murdoch, the head of News Corp, also has stirred speculation over which of his children might succeed him at the top of the home of Fox News.

☆ Beverly Hills Voters Stymie LVMH Plans to Expand U.S. Hotel Business
▼ + stars: | 2023-05-27 | by ( Matthew Dalton | ) www.wsj.com time to read: 1 min

This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/articles/beverly-hills-voters-stymie-lvmh-plans-to-expand-u-s-hotel-business-97b2564c

ImageFamily dramaHBO will release its last episode of “Succession” on Sunday. The fictional Roy family in “Succession” bears an uncanny resemblance to the Murdoch family. On the other was Wellington’s nephew, Tim Mara. Show credits could feature the Venetian blind that reportedly divided their stadium luxury suites at the height of their tension. The series would end in 1995 when Tim Mara, lacking any other recourse, sold his stake in the team.

☆ Buy these 14 'boring' stocks that are set up for strong long-term growth, according to a pair of fund managers in the top 1% this year
▼ + stars: | 2023-05-20 | by ( James Faris | ) www.businessinsider.com time to read: +7 min

Leading fund managers Brian Yacktman and Elliott Savage broke through by sticking to their strategies. The pair looks for growth stocks that have pricing power and aren't too expensive. 14 top stocks to buy nowInvestors in search of those so-called boring stocks with steady growth, pricing power, and reasonable valuations are in luck. The fund managers like Mastercard (MA) and Visa (V), which function very much like toll collectors in the global payments space. Both enjoy the tremendous advantage of scale that wards off would-be competitors and positions them for future growth, in the fund managers' view.

☆ Analysis: Investors see trouble ahead after Europe's stellar first quarter
▼ + stars: | 2023-05-19 | by ( Joice Alves | ) www.reuters.com time to read: +5 min

Europe's largest listed company LVMH (LVMH.PA) produced stellar sales as China rebounded sharply after COVID restrictions ended. The robust corporate margins on show in the first quarter are seen coming under pressure later in the year. Based on Refinitiv I/B/E/S estimates, STOXX 600 companies are expected to report net profit margins of 11.4% in the first quarter, up from 10.2% in the last quarter of 2022. But margins are seen declining to 10.5% in the third quarter, according to Refinitiv estimates. But there has not been a wave of companies revising earnings forecasts down, providing a cushion for European equities.

☆ Investors see trouble ahead after Europe's stellar first quarter
▼ + stars: | 2023-05-19 | by ( Joice Alves | ) www.reuters.com time to read: +5 min

☆ Canada Goose caution on U.S. eclipses upbeat annual sales forecast
▼ + stars: | 2023-05-18 | by ( Deborah Mary Sophia | ) www.reuters.com time to read: +2 min

However, shoppers in the United States are putting a pause to a post-pandemic splurge on high-end clothing and accessories, with companies including ultra-luxury fashion houses like LVMH (LVMH.PA) and Gucci owner Kering (PRTP.PA) seeing sagging demand. Canada Goose, popular for its bright-red parkas and pricey puffer jackets, saw U.S. revenues decline 4.5% in the reported quarter. Still, a 65.4% surge in Asia Pacific revenue, coupled with robust demand in Europe and Canada, helped the luxury winterwear maker beat expectations in its fourth-quarter results. Toronto, Ontario-based Canada Goose said it expects fiscal 2024 revenue between C$1.40 billion ($1.05 billion) and C$1.50 billion, while analysts were expecting C$1.33 billion. ($1 = 1.3372 Canadian dollars)Reporting by Deborah Sophia in Bengaluru; Editing by Krishna Chandra EluriOur Standards: The Thomson Reuters Trust Principles.

☆ Canada Goose sees upbeat annual sales as China recovery gains steam
▼ + stars: | 2023-05-18 | by ( Deborah Mary Sophia | ) www.reuters.com time to read: +2 min

Canada Goose, popular for its bright-red parkas and pricey puffer jackets, has about 18 retail stores in Mainland China - the highest number of outlets it has in any country. The company is also planning to double its store count worldwide over the next five years, from 51 permanent stores currently. Toronto, Ontario-based Canada Goose said it expects fiscal 2024 revenue between C$1.40 billion ($1.05 billion) and C$1.50 billion, while analysts were expecting C$1.33 billion, according to Refinitiv data. However, it forecast annual per-share profit in the range of C$1.20 to C$1.48, compared with estimates of C$1.46 per share. ($1 = 1.3372 Canadian dollars)Reporting by Deborah Sophia in Bengaluru; Editing by Krishna Chandra EluriOur Standards: The Thomson Reuters Trust Principles.

☆ Canada Goose sees annual sales above estimates on China rebound
▼ + stars: | 2023-05-18 | by ( ) www.reuters.com time to read: +1 min

May 18 (Reuters) - Canada Goose Holdings Inc (GOOS.TO), forecast annual sales above Wall Street estimates on Thursday, betting that a sharp rebound in key luxury market China would help the luxury winterwear maker ride out a slowdown in U.S. demand. Revenue from Canada Goose's Asia Pacific segment jumped 65.4% to C$114.1 million in the quarter ended April 2, compared with a 5.2% drop in the previous quarter. That has buttressed sales at a time when luxury shoppers in the United States have paused a post-pandemic splurge on high-end goods, with companies including LVMH (LVMH.PA) and Gucci-owner Kering (PRTP.PA) reporting sagging sales in the market. Toronto, Ontario-based Canada Goose said it expects fiscal 2024 revenue between C$1.40 billion ($1.05 billion) and C$1.50 billion, compared with analysts average estimate of C$1.33 billion, according to Refinitiv data. ($1 = 1.3372 Canadian dollars)Reporting by Deborah Sophia in Bengaluru; Editing by Krishna Chandra EluriOur Standards: The Thomson Reuters Trust Principles.

☆ How luxury giant LVMH built a recession-proof empire
▼ + stars: | 2023-05-18 | by ( Natalie Rice | ) www.cnbc.com time to read: +2 min

Luxury giant LVMH Moët Hennessy Louis Vuitton, more commonly known as LVMH , has grown into a $500 billion powerhouse conglomerate of 75 distinguished brands, or "maisons," rooted in six different sectors — with no plans to slow down. The company recorded revenue of 79.2 billion euros, or about $86.3 billion, last year, an increase of 23% from 2021 revenue. Though managed by LVMH, each maison has creative control over its own brand, with its own C-suite executives and mission. LVMH consistently collaborates with celebrities, fashion icons and influencers in order to stay relevant for the younger luxury crowd. Remaining relevant is key to longevity in luxury — and LVMH's strategy in building a brand that not only endures but continues to excel.

☆ How LVMH built a $500 billion luxury empire
▼ + stars: | 2023-05-18 | by ( Natalie Rice | ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailHow LVMH built a $500 billion luxury empireLuxury conglomerate LVMH Moët Hennessy Louis Vuitton has built a massive 75-brand portfolio, cementing its legacy for decades to come. Its Chairman and CEO, Bernard Arnault has masterminded some of its biggest acquisitions, including, most recently Tiffany & Co. in 2021, after a bitter price dispute during the Covid-19 Pandemic. The company has been hailed for posting record revenue year after year, this year becoming the first European company to surpass $500 billion in market value.

☆ Burberry fourth quarter sales jump 16% as China rebounds
▼ + stars: | 2023-05-18 | by ( ) www.reuters.com time to read: +1 min

LONDON, May 18 (Reuters) - British luxury fashion brand Burberry (BRBY.L) reported stronger-than-expected fourth quarter sales on Thursday, boosted by a rebound in its largest market China following three years of COVID-19 restrictions. In the quarter to April 1, comparable store sales rose 16%, accelerating from 1% in the third quarter and above a company compiled consensus of 14%. Sales in Mainland China rose 13%. "We have delivered a strong financial performance, supported by good progress in our core leather goods and outerwear categories, with revenue accelerating in the fourth quarter as growth rebounded in Mainland China," chief executive Jonathan Akeroyd said in a statement on Thursday. The FTSE 100 (.FTSE) group's luxury rivals LVMH (LVMH.PA) and Hermes (HRMS.PA) have also reported a bounce in first quarter sales due to a recovery in China and wider Asian markets.

☆ How luxury giant LVHM built a recession-proof empire
▼ + stars: | 2023-05-18 | by ( Natalie Rice | ) www.cnbc.com time to read: +2 min

The company recorded revenue of 79.2 billion euros, or about $86.3 billion, last year, an increase of 23% from 2021 revenue. Some experts have long-hailed the company as "recession-proof," able to sustain itself through economic downturns and boasting products that uniquely appreciate over time. Though managed by LVMH, each maison has creative control over its own brand, with its own C-suite executives and mission. LVMH consistently collaborates with celebrities, fashion icons and influencers in order to stay relevant for the younger luxury crowd. Remaining relevant is key to longevity in luxury — and LVMH's strategy in building a brand that not only endures but continues to excel.

HONG KONG, May 16 (Reuters Breakingviews) - Investing in China need not be too stressful, provided you avoid investing in Chinese companies. A spending pop in the transport, food and beverage and hospitality sectors helped lift first-quarter GDP to 4.5%. But that data was flattered by comparison to a grim 2022, and April data on imports, inflation and bank loans all disappointed. While Beijing’s crackdowns on domestic technology companies and property developers have eased, other risks are rising. Separately, quarterly revenue at Alibaba is expected to rise 3% year-on-year to 211 billion yuan ($30.5 billion) in the three months to March, according to the average analyst forecast on Refinitiv.

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