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☆ Renault looking at spring 2024 IPO for Ampere, CEO says
▼ + stars: | 2023-08-28 | by ( ) www.reuters.com time to read: 1 min

PARIS, Aug 28 (Reuters) - French car maker Renault (RENA.PA) is looking to list its Ampere electric vehicle business on the stock market in the spring of 2024, CEO Luca de Meo said on Monday. De Meo told BFM TV that Renault was targeting Nov 1 of this year for the unit to be separated from the rest of the company as a preparatory step in the run-up to the initial public offering. "So we separate and then we see if we have the right conditions to enter the market," he said, adding spring 2024 would be the likely window for a listing. Reporting by Kate Entringer, writing by Silvia Aloisi; editing by Jason NeelyOur Standards: The Thomson Reuters Trust Principles.

Persons: Luca de Meo, De Meo, BFM, Kate Entringer, Silvia Aloisi, Jason Neely Organizations: Renault, Thomson

☆ France pays winemakers to rip up vines as famous Bordeaux region faces uncertain future
▼ + stars: | 2023-08-28 | by ( Silvia Amaro | ) www.cnbc.com time to read: +1 min

A worker uses a backhoe to grub up an area of vines during snow fall in a vineyard in Haux, some 25 kms southeast of Bordeaux, southwestern France, on January 18, 2023. Those words from a wine producer in Bordeaux underscore the huge challenge facing the famous French region as it undergoes a massive transformation. "In the next five years, we will see less vines in Bordeaux," Sylvie Courselle, an agricultural engineer and enologist at Château Thieuley, told CNBC. "Climate change can accelerate this," Courselle told CNBC, adding that in recent years winemakers have had to deal with hailstorms, frosts and droughts that significantly impact the crop. She thinks that, going forward, the biggest challenge will be access to water — one of the most essential ingredients in wine production.

Persons: It's, Sylvie Courselle, Château Thieuley, Courselle Organizations: CNBC Locations: Haux, Bordeaux, France, Château

☆ Economic data in Europe just went from bad to worse
▼ + stars: | 2023-08-23 | by ( Silvia Amaro | ) www.cnbc.com time to read: +1 min

An emloyee works on the assembling of a brake caliper for an electric vehicle in Dueren, western Germany. A reading above 50 marks an expansion in activity, while one below 50 marks a contraction. If pandemic months are excluded, the latest numbers point to the lowest reading since April 2013. In terms of the breakdown between services and manufacturing, the former dropped to a 30-month low at 48.3 and the manufacturing PMI rose slightly from 42.7 in July to 43.7 this month. "Considering the PMI figures in our GDP [growth] nowcast leads us to the conclusion that the euro zone will shrink by 0.2% in the third quarter," Rubia added.

Persons: Dow Jones, Cyrus de la, Rubia Organizations: Hamburg Commercial Bank, PMI Locations: Dueren, Germany, Hamburg

☆ After plunging into the political mainstream, Italy's far-right leader Giorgia Meloni is now shocking markets and upsetting big business
▼ + stars: | 2023-08-23 | by ( Silvia Amaro | ) www.cnbc.com time to read: +2 min

After plunging into the political mainstream and winning over her more moderate counterparts in Brussels, hardline Italian Prime Minister Giorgia Meloni is now shaking things up on home soil. Europe's main banking index dropped some 2.7% on Aug. 8 after Italy announced it would impose a 40% windfall tax on banks. Airlines have rebuffed other policy measures, with a new government plan to curb prices when flying to certain destinations. So far during her mandate, Meloni has largely fallen in line with mainstream political positions at home and abroad, despite concerns from some that she may push her country to the fringes. Federico Santi, a senior analyst at consultancy Eurasia Group, told CNBC via email that her backtrack on the windfall tax "was a major misstep, in perception and substance."

Persons: Giorgia Meloni, Meloni, Federico Santi, Santi Organizations: Airlines, European Commission, European Union, Kremlin, Eurasia Group, CNBC Locations: Brussels, Italian, Italy, Ukraine

☆ French restaurants are reportedly requiring more than $5,000 minimum spend per table and refusing reservations for returning diners who didn't spend enough at their last visit
▼ + stars: | 2023-08-21 | by ( Grace Mayer | ) www.businessinsider.com time to read: +2 min

Tensions over tipping and dining fees have been cropping up all year. Some French restaurants in St Tropez are asking customers for thousands of dollars for reservations. These restaurants are reportedly asking diners for over $5,000 minimum spend for a table. The mayor of St Tropez, Silvia Siri, has started to address these restaurants' practices. St. Tropez, one of the most expensive places to live in France, is also a popular vacation spot for international travelers and celebrities.

Persons: St Tropez, Silvia Siri, Tropez, Siri, Nice Organizations: Service, Nice Matin, Guardian Locations: St Tropez, Wall, Silicon, St, France, Nice

☆ Russian missile attack kills 7 in northern Ukrainian city as Zelenskyy visits NATO candidate Sweden
▼ + stars: | 2023-08-19 | by ( ) www.cnbc.com time to read: +4 min

A view shows a site of a Russian missile strike, amid Russia's attack on Ukraine, in Chernihiv, Ukraine, on Aug. 19, 2023. Sweden abandoned its longstanding policy of military nonalignment to support Ukraine with weapons and other aid in the war against Russia. As Zelenskyy arrived in Sweden, a Russian missile strike killed seven people and wounded 90 others in the city center of Chernihiv, the regional capital of the northern Ukrainian province of the same name, Interior Minister Ihor Klymenko said. A Russian missile hit right in the center of the city, in our Chernihiv," he wrote on Telegram. In Russia, President Vladimir Putin visited top military officials in the city of Rostov-on-Don near the Ukrainian border.

Persons: Volodymyr Zelenskyy, Zelenskyy, Sweden's King Carl XVI Gustaf, Queen Silvia, Ihor Klymenko, Vladimir Putin, Don, Putin, Valery Gerasimov, Wagner, group's, Yevgeny Prigozhin, Gerasimov, Sergei Shoigu, Prigozhin, Alexander Khodakovsky, Tiurin, Vitalii Bunechko Organizations: Russia, Archer, NATO, Russia's Southern Military District, Russian, Ukraine Locations: Russian, Ukraine, Chernihiv, Sweden, Harpsund, Stockholm, Ukrainian, Russia, Rostov, Urozhaine, Ukraine's, Donetsk, Zhytomyr

CNN —At least seven people died including a six-year-old girl and 90 others were injured after a Russian missile strike hit a central square in the northern Ukrainian city of Chernihiv, Ukrainian officials said. Saturday’s strike – in a city close to the Russian border and far from the frontlines – hit a theater and a university. An emergency service worker stands at the site of a Russian missile strike in Chernihiv. Vladyslav Savenok/ReutersThe aftermath of a Russian missile strike. Vladyslav Savenok/ReutersUkrainian President Volodymyr Zelensky said the attack turned “an ordinary Saturday… into a day of pain and loss.”“A Russian missile hit right in the center of the city, in our Chernihiv.

Persons: Ihor Klymenko, “, Klymenko, Vladyslav Savenok, Volodymyr Zelensky, ”, Oleksandr Lomako, Putin, Vladimir Putin, Valery Gerasimov, Wagner, Zelensky, Ulf Kristersson, King Carl XVI, Queen Silvia, Kristersson, ” Zelensky Organizations: CNN, Internal, Reuters, Kremlin, Staff, Russian Armed Forces, Swedish, Gripen, “ Locations: Russian, Ukrainian, Chernihiv, Vladyslav, Reuters Ukrainian, Russia, Ukraine, Rostov, Sweden, Zelensky, ”

KYIV/STOCKHOLM, Aug 19 (Reuters) - Ukrainian President Volodymyr Zelenskiy arrived in Sweden on Saturday to meet with Prime Minister Ulf Kristersson, the royal family and other officials as Kyiv's counteroffensive against Russian forces grinds into its third month. The visit will start at Harpsund, the country retreat of Swedish prime ministers, about 120 kilometres from Sweden's capital Stockholm. As Zelenskiy reached Sweden, he said people had been killed and wounded in a Russian missile strike on the northern Ukrainian city of Chernihiv. Zelenskiy said he would thank Sweden for supporting Ukraine since the Russian invasion. Zelenskiy and Prime Minister Kristersson will hold a joint press conference at Harpsund in the afternoon.

Persons: Volodymyr Zelenskiy, Ulf Kristersson, grinds, Zelenskiy, Pal Jonson, Sweden's King Carl XVI Gustaf, Queen Silvia, Olena Zelenska, Kristersson, Dan Peleschuk, Supantha Mukherjee, Simon Johnson, Frances Kerry, Toby Chopra, David Holmes Organizations: Russian, Swedish, Harpsund, Thomson Locations: STOCKHOLM, Sweden, Harpsund, Swedish, Sweden's, Stockholm, Zelenskiy, Russian, Ukrainian, Chernihiv, Ukraine, Stenhammar

☆ The EU struck a landmark recovery deal during Covid. Here's where the money has gone so far
▼ + stars: | 2023-08-17 | by ( Silvia Amaro | ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThe EU struck a landmark recovery deal during Covid. Here's where the money has gone so farCNBC's Silvia Amaro reports on the state of play for EU Covid recovery funds, a historic deal that could raise as much as 750 billion euros.

Persons: Silvia Amaro Organizations: EU Locations: Here's

☆ This family is moving to Italy because they’ve had enough of the US
▼ + stars: | 2023-08-08 | by ( Silvia Marchetti | ) edition.cnn.com time to read: +8 min

In 2019, the Dawkins family – Nadine, 59, her husband, Kim, 61, and their children Lorenzo, 29, and DeNae, 27 – bought a charming home in the town of Latronico. Reading the article at her home in El Paso, Texas, Nadine Dawkins, a retired former soldier and businesswoman, felt the pull of her ancestry. The family will be shortly moving to Panama before taking the final leap across the Atlantic to Latronico. Clint Jeffrey was Dawkins' Italian ancestor. Nadine DawkinsOnce in Italy, Nadine hopes to be able to start tracking down the real identity and origins of her Italian ancestor.

Persons: Dawkins, Nadine, Kim, Lorenzo, –, Nadine Dawkins, ”, Clint Jeffrey, Nadine doesn’t, Lucinda, Jeffrey, “, ” Nadine, Kim Dawkins, George Floyd, Vincenzo Castellano, ‘, casalatronica.eu, Latronico – Castellano, Mariangela Tortorella –, Castellano –, ’, Castellano, “ We’ve, Lucinda –, Latronico Organizations: CNN, Reading, CNN Travel, USA Locations: United States, Latronico, Basilicata, El Paso , Texas, Italian, America, Italy, States, Arkansas, Panama, –

☆ Switzerland defend team time trial mixed relay crown at worlds despite crash
▼ + stars: | 2023-08-08 | by ( ) www.reuters.com time to read: +1 min

Aug 8 (Reuters) - Switzerland successfully defended their team time trial mixed relay crown at the world championships on Tuesday despite a crash for Marlen Reusser. Stefan Bissegger, Stefan Kung and Mauro Schmid had a good start before they handed it over to the women's team consisting of Reusser, Elise Chabbey and Nicole Koller, when Reusser lost valuable time after a crash. Reusser is one of the favourites for the individual time trial but she did manage to quickly get back on her bike to continue. The crash did little to hurt their chances as Switzerland eventually finished with a time of 54 minutes and 16.20 seconds, a full seven seconds ahead of France while Germany were third. Britain were fourth, more than a minute behind, while Italy were fifth after Silvia Persico lost time due to a mechanical.

Persons: Stefan Bissegger, Stefan Kung, Mauro Schmid, Elise Chabbey, Nicole Koller, Reusser, Silvia Persico, Rohith Nair, Christian Radnedge Organizations: Britain, Thomson Locations: Switzerland, Swiss, Glasgow, France, Germany, Italy, Bengaluru

☆ Factbox: European countries imposing windfall taxes on banks
▼ + stars: | 2023-08-08 | by ( ) www.reuters.com time to read: +4 min

But he and Finance Minister Bruno Le Maire have ruled out the possibility of a windfall tax. HUNGARYHungary's government has tweaked windfall taxes imposed on key sectors of the economy in a decree published in June, saying banks can reduce their 2024 windfall tax payments by up to 50% if they increase their Hungarian government bond purchases. ITALYItaly approved on Aug. 8 a one-off 40% tax on profits banks reap from higher interest rates and it plans to use the proceeds to help mortgage holders. LITHUANIALithuania's parliament approved in May a windfall tax on the banking industry's net interest income for 2023 and 2024 following a sharp rise in European Central Bank interest rates. It is expected to raise 6 billion Swedish crowns a year.

Persons: Ralph Orlowski, Emmanuel Macron, Bruno Le Maire, Christian Lindner, Alessandro Parodi, Matteo Allievi, Olivier Sorgho, Silvia Aloisi, Tom Sims, Holger Hansen, Marta Frąckowiak, Alexander Smith Organizations: Germany's Deutsche Bank, REUTERS, Finance, HUNGARY Hungary's, European Central Bank, Swedish Government, Thomson Locations: Frankfurt, Germany, Italy, CZECH REPUBLIC, Czech, France, GERMANY, HUNGARY, ITALY Italy, LITHUANIA, SPAIN Spain, SWEDEN, Britain

Assets will be sold within Altice France or outside France to repay debt, Drahi told investors on a conference call. "(The aims is) to raise, one way or another, 3 billion (euros) of equity, plus or minus," Drahi said. Altice France's net leverage ratio at end of June was 6.3 times its yearly core operating profits. Altice France's net debt was close to 24 billion euros at the end of June, up from 23.6 billion at end of March, the group said. Total earnings before interest, tax, depreciation and amortisation (EBITDA) fell to 1.02 billion euros from 1.08 billion euros a year earlier.

Persons: Patrick Drahi, Philippe Wojazer, Drahi, Dennis Okhuijsen, Altice, Portugal Altice's, Armando Pereira, Pereira, Mathieu Rosemain, Ingrid Melander, Silvia Aloisi, Mark Potter Organizations: Altice Group, REUTERS, Altice, Thomson Locations: Franco, Israeli, Paris, France, PARIS, Altice France, Portugal

☆ Factbox: Patrick Drahi, the telco tycoon facing debt woes, arrest of aide
▼ + stars: | 2023-08-07 | by ( ) www.reuters.com time to read: +3 min

* Drahi, who lives between Switzerland, the United States and Israel, controls France's second-biggest telecoms firm SFR on top of the most-watched news channel in the country, BFM TV. He also owns the largest telecoms firm in Portugal. * To ease investor concerns about the sustainability of the business, Drahi spun off the U.S. division, restructured debt and took the European arm private. * By 2023, Altice's combined debt, including its three units of Altice France, Altice International and Altice USA stood at around $60 billion. Altice's debt prices trade at stressed levels, having come under further pressure since Pereira's detention in July.

Persons: Patrick Drahi, Violeta Santos Moura, Altice, Drahi, Altice's, Armando Pereira, Pereira, Silvia Aloisi, Ingrid Melander, Sharon Singleton, Louise Heavens Organizations: French, REUTERS, Polytechnique, SFR, U.S ., Altice, Altice USA, BT, Thomson Locations: Paris, France, French, Israeli, Morocco, Drahi, Amsterdam, Belgium, Portugal, Israel, United States, Dominican Republic, Switzerland, London, New York

☆ Son of Spanish actor detained in Thailand in grisly murder case
▼ + stars: | 2023-08-07 | by ( ) www.reuters.com time to read: +2 min

The son of the well-known actor Rodolfo Sancho who starred in El Ministerio del Tempo (The Ministry of Time) and actress Silvia Bronchalo, Daniel Sancho works as a chef and was visiting Thailand on holiday, media reported. Sancho was detained shortly after body parts were found at a landfill on Koh Phangan, an island well-known to tourists for monthly 'full moon' parties. The police said DNA tests of the remains proved them to be of Arrieta, adding they have other evidence against Sancho. CCTV footage showed by local broadcaster ThaiPBS showed Sancho and Arrieta on a motorcycle together days before the remains were discovered. Reporting by Panarat Thepgumpanat and Panu Wongcha-um; Writing by Kay Johnson; Editing by Kanupriya KapoorOur Standards: The Thomson Reuters Trust Principles.

Persons: Daniel Sancho Bronchalo, Rodolfo Sancho Aguirre, Edwin Arrieta Arteaga, Read, Koh Phangan, Daniel Sancho Bronchal, General Saranyu Chamnanrat, Sancho, Saranyu, Rodolfo Sancho, Silvia Bronchalo, Daniel Sancho, Daniel Sancho himself, Phangan, ThaiPBS, Arrieta, Panarat Thepgumpanat, Panu, Kay Johnson, Kanupriya Kapoor Organizations: Reuters, Police, Sunday, El Ministerio del Tempo, Thomson Locations: Spanish, Colombian, Koh Phangan, Thailand, BANGKOK, Koh, El, Arrieta's

Fifteen employees have been put on leave in Portugal, France and the United States since news broke about the probe, which is currently limited to Portugal, said Drahi. Pressed by analysts on the call to lay out the role and extent of Pereira's involvement within the Altice group, Drahi said Pereira, whom he hired in 2003, had not held any stake in any Altice entity since 2005. Altice International, the entity that owns telecoms firm PT Portugal, is owned by Drahi's personal holding Next. The other two entities are Altice USA and Altice France, home to France's second biggest telecoms firm SFR. The debt has come under further pressure since Pereira's July detention, with longer-term debt issued by Altice France trading around 80 cents to the euro while those of Altice France Holding trade around 40 cents to the euro.

Persons: Patrick Drahi, Violeta Santos Moura, Drahi, Armando Pereira, Pereira, Altice, Mathieu Rosemain, Yoruk Bahceli, Ingrid Melander, Silvia Aloisi, Conor Humphries Organizations: French, REUTERS, Altice, PT Portugal, Altice International, Thomson Locations: Paris, France, Portugal, United States, Altice France

☆ No rate hikes or cuts — Commerzbank CFO says the European Central Bank has likely hit pause
▼ + stars: | 2023-08-04 | by ( Silvia Amaro | ) www.cnbc.com time to read: +2 min

The European Central Bank has likely pressed pause on its rate hiking cycle, the chief financial officer of Commerzbank told CNBC on Friday. The ECB raised interest rates in July, completing a full year of rate increases. ECB President Christine Lagarde flagged that the central bank could continue or pause rate hikes at its next meeting in September, but definitely will not cut. Commerzbank is the second largest lender in Germany by market capitalization, and its performance is closely linked to the interest rate environment. Orlopp added that: "If there were to be another interest rate hike like in the fall, that would be again an upside potential for us."

Persons: Commerzbank, Christine Lagarde, Bettina Orlopp, —, Orlopp, Akshay Singal, CNBC's Organizations: European Central Bank, CNBC, ECB, Revenue, Citi, Bank of England, Federal Reserve Locations: Germany

☆ Commerzbank CFO signals the ECB will not increase rates further
▼ + stars: | 2023-08-04 | by ( Silvia Amaro | ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailCommerzbank CFO signals the ECB will not increase rates furtherCommerzbank CFO Bettina Orlopp comments on the German lender's latest set of results.

Persons: Bettina Orlopp

☆ European markets choppy after downbeat week; Commerzbank down 5%
▼ + stars: | 2023-08-04 | by ( Hannah Ward-Glenton | ) www.cnbc.com time to read: +1 min

Commerzbank shares were down 5% in the first hour of trading, despite announcing strong half-year results, with net profits up by almost 50% to 1.1 billion euros ($1.2 billion). Commerzbank completed its first share buyback program in June, in which it purchased more than 12 million of its own shares, with a value of 122 million euros at an average price of around 10.05 euros per share. The bank's CFO Bettina Orlopp told CNBC's Silvia Amaro that Commerzbank was "satisfied" with the strong results, in an interview that took place before European markets opened. Commerzbank also raised its outlook for net income interest from 7 billion euros to 7.8 billion euros, well above the net income for 2022, and showed optimism for the upcoming year. "We are very confident that we will reach our 2024 targets, so there are no worries here," Orlopp said.

Persons: Commerzbank, Bettina Orlopp, CNBC's Silvia Amaro, Orlopp, — Hannah Ward, Glenton

☆ Societe Generale returns to profit, but comes under pressure in its home market
▼ + stars: | 2023-08-03 | by ( Silvia Amaro | ) www.cnbc.com time to read: +1 min

Societe Generale returned to profit in the second quarter of this year, but lower revenues in France and broader global banking challenges dragged down its performance. However, revenues in French retail banking dropped by 13.6% from a year ago, off the back of lower net interest margins — a crucial indicator of banks' profitability. Revenues in the global banking division fell by 7.3% on lower volumes and weaker volatility. Fixed income and currencies (FIC) activities were down by 18.4%, "amid less conducive market conditions due to weaker interest rate and currency volatility," the bank sad in a statement. Group revenues contracted due to the decline in the net interest margin in France and in market activities' revenues against a backdrop of gradual normalisation after some particularly favourable years."

Persons: Slawomir Krupa Organizations: Generale Locations: France, Russia

☆ Bank of England's next move divides economists as data paints a mixed picture
▼ + stars: | 2023-08-02 | by ( Elliot Smith | ) www.cnbc.com time to read: +5 min

Andrew Bailey, Governor of the Bank of England, attends the Bank of England Monetary Policy Report Press Conference, at the Bank of England, London, Britain, February 2, 2023. Pool | ReutersLONDON — Market expectations are split over the Bank of England's next monetary policy move on Wednesday, as policymakers near a tipping point in their fight against inflation. The other 38% of market participants expect a second consecutive 50 basis point hike, after the central bank surprised markets with a bumper increase in June. watch nowThe British economy has proven surprisingly resilient, despite a run of 13 consecutive rate hikes from the Bank of England. "While core inflation surprised to the downside in June, services inflation momentum remains strong.

Persons: Andrew Bailey, Goldman Sachs, James Moberly, Ibrahim Quadri, Jari Stehn, BoE, Goldman, —, Abbas Khan, Mariano Cena, Silvia Ardagna, Matthew Swannell, Paul Hollingsworth, Andrew Bailey's Organizations: Bank of England, Press, Bank of, Monetary, British Retail Consortium, MPC, Fed, ECB, U.S . Federal Reserve, European Central Bank, PMI, Bank of England's, Barclays, BNP Paribas Locations: London, Britain, Sintra

☆ China's a very important trading partner, Port of Antwerp-Bruges says
▼ + stars: | 2023-08-01 | by ( Silvia Amaro | ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailChina's a very important trading partner, Port of Antwerp-Bruges saysCNBC's Silvia Amaro reports from the Port of Antwerp-Bruges, analyzing China's strategic investments in the European continent.

Persons: CNBC's Silvia Amaro Organizations: Port Locations: Port of Antwerp, Bruges

Euro zone inflation fell in July, and new growth figures showed economic activity picking up in the second quarter of this year — but economists still fear a recession could be in the cards. Headline inflation in the euro area was 5.3% in July, according to preliminary data released Monday, lower than the 5.5% registered in June. The euro area has been battling high inflation for the past year, leading the ECB to undergo a full year of consecutive rate hikes in an effort to bring prices down. Initially, much of the price pressures in the euro area were coming from high energy costs, but in recent months food prices have contributed the most. This month, food, alcohol and tobacco once again drove inflation — prices rose by 10.8% in July, in a hike that was nevertheless lower than in previous months.

Persons: Andrew Kenningham Organizations: Central, Capital Economics, ECB Locations: Europe

☆ The Bank of Japan just shocked markets with a policy tweak — here's why it matters
▼ + stars: | 2023-07-28 | by ( Silvia Amaro | ) www.cnbc.com time to read: +5 min

Kazuo Ueda, governor of the Bank of Japan (BOJ). Bloomberg | Bloomberg | Getty ImagesThe Bank of Japan announced Friday "greater flexibility" in its monetary policy — surprising global financial markets. The central bank loosened its yield curve control — or YCC — in an unexpected move with wide-ranging ramifications. When asked if the central bank had shifted from dovish to neutral, he said: "That's not the case. MUFG said that Friday's "flexibility" tweak shows the central bank is not yet ready to end this policy measure.

Persons: Kazuo Ueda, Shigeto Nagai, CNBC's, —, Duncan Wrigley, MUFG, Governor Ueda, Michael Metcalfe, Metcalfe Organizations: Bank of Japan, Bloomberg, Getty, of Japan, Nasdaq, Oxford Economics, disinflation, Capital Economics, U.S, U.S . Federal, Bank, Pantheon, Street Global Locations: Europe, Japan, U.S ., China, dovish

☆ 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

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