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☆ Get Ready for the New Gucci, and Other Surprises of the Fashion Season
▼ + stars: | 2023-09-05 | by ( Vanessa Friedman | More About Vanessa Friedman | ) www.nytimes.com time to read: +1 min

After seasons of relative calm and predictability (some might say stultifying sameness), Milan has become the city to watch, with the two debuts of the season. First up: Sabato De Sarno at Gucci. Then there’s Peter Hawkings, another longtime deputy, who became the creative director of Tom Ford in April after the brand was sold to Estée Lauder and Mr. Ford stepped down. Mr. Hawkings worked beside Mr. Ford for decades, and judging by his official portrait, is very much in the mold of his mentor (down to the tinted aviators). The result is pretty much guaranteed to remind of us what we lost when we lost the very talented Mr. Moschino at only 44 in 1994 and why brand founders really matter.

Persons: Sabato De Sarno, Gucci, Valentino, Alessandro Michele, Peter Hawkings, Tom Ford, Estée Lauder, Ford, Hawkings, Jeremy Scott, — Katie Grand, Carlyne Cerf, Dudzeele, Gabriella Karefa, Johnson, Lucia Liu —, Moschino Organizations: Mr Locations: Milan

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Persons: Dow Jones, 7fee0648

Summary U.S. regulators are ready to review and license the next generation of nuclear reactors while staying committed to safety, the Nuclear Regulatory Commission (NRC) says. The NRC is under pressure to show it can move fast on a new generation of nuclear technology, including small modular reactors (SMRs) and other previously untested designs, as many in the industry call for deep reforms at the regulator. NuScale’s VOYGR 50-MW SMR power plant became the first SMR design certified by the NRC in January. Earlier this month, the NRC accepted NuScale's uprated VOYGR-6 plant design for a Standard Design Approval (SDA) application. “We are yielding timelier and more cost-effective reviews without compromising on safety,” Taylor says.

Persons: ”, Judi Greenwald, “, Steven Arndt, NRC Robert Taylor, NuScale’s VOYGR, ” Taylor, “ We're, Taylor, Kairos, they're, it's, –, bro, Allison Macfarlane, Macfarlane skewered, ” Macfarlane Organizations: Nuclear Regulatory Commission, NRC, Nuclear Innovation Alliance, Department of Energy, DOE, American Nuclear Society, New Reactors, ” Tech bros, Institute of Art, Thomson Locations: United States

A coffee machine featuring Novo Nordisk logo is seen at the company headquarters in Copenhagen, Denmark, February 5, 2020. REUTERS/Jacob Gronholt-Pedersen/File Photo Acquire Licensing RightsLONDON, Sept 1 (Reuters) - Danish drugmaker Novo Nordisk briefly unseated LVMH (LVMH.PA) as Europe's most valuable listed company in intraday trading on Friday, ending the French luxury group's 2-1/2 year-long reign at the top. At 0843 GMT, Novo Nordisk (NOVOb.CO) had a market capitalisation of $421 billion including unlisted stock, according to Refinitiv data and company disclosures of its share count. By 1031 GMT, Novo Nordisk shares were up 1% while LVMH shares were down 0.4%. LVMH shares have fallen 13.8% from an all-time high hit in April, underperforming Europe's broader STOXX 600 which is down around 1.9% in the same time frame.

Persons: Jacob Gronholt, Pedersen, LVMH, Ozempic, Wegovy, Novo's, Louis Vuitton, Marcel Stotzel, Stotzel, Eli Lilly, Axelle Pinon, Mounjaro, Novo, Carmignac's Pinon, Hennessy, Tiffany, Fiona Cincotta, Hermes, Samuel Indyk, Amanda Cooper, Catherine Evans Organizations: Novo Nordisk, REUTERS, Nestle, Dior, Fidelity European Fund, Fidelity European Trust, Barclays, Index, Financiere, Thomson Locations: Copenhagen, Denmark, Danish, LVMH, United States, China, Covid

Persons: Dow Jones, loewe Organizations: armani, prada

☆ Federated Hermes Can Fly as High Rates Linger
▼ + stars: | 2023-08-29 | by ( Telis Demos | ) www.wsj.com time to read: 1 min

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Persons: Dow Jones

☆ European shares rise as fresh Chinese measures lift mood, tech stocks rally
▼ + stars: | 2023-08-28 | by ( ) www.reuters.com time to read: +1 min

The German share price index DAX graph is pictured as the German index celebrates its 35th birthday at the stock exchange in Frankfurt, Germany, August 15, 2023. By 0710 GMT, the pan-European STOXX 600 (.STOXX) added 0.7% after posting its first weekly gain in four. Technology stocks (.SX8P) advanced 1.5%, their first climb in three sessions, tracking an overnight rally on Wall Street. Meanwhile, interest rate expectations in the euro zone remained tepid following the European Central Bank President Christine Lagarde's speech late on Friday at the Jackson Hole symposium. Reporting by Shashwat Chauhan in Bengaluru; Editing by Dhanya Ann ThoppilOur Standards: The Thomson Reuters Trust Principles.

Persons: Hermes, Christine Lagarde's, Shashwat Chauhan, Dhanya Ann Thoppil Organizations: REUTERS, Staff, Beijing, Technology, European Central Bank, Thomson Locations: Frankfurt, Germany, China, United Kingdom, Bengaluru

☆ These financial market signals are telling a different story about China's economy
▼ + stars: | 2023-08-28 | by ( Filip De Mott | ) www.businessinsider.com time to read: +3 min

China's economy is stumbling, but financial markets don't indicate that it will lead to a systemic crisis. After a first-quarter bounce, China's economic rebound from zero-COVID policies has been disappointing, with factories and consumers slowing down. But Gave cited other indicators that present a different take on the Chinese economy. Gave also pointed out that iron ore prices, which are sensitive to China's economy, have jumped 50% from their October 2022 low. AdvertisementAdvertisement"That is not to deny that China's economy faces genuine challenges or that Chinese economic growth is slowing, cyclically and structurally," he concluded.

Persons: Louis, Vincent, Vincent Gave, Beijing's Organizations: Service, Financial Times, FTSE, US, Ferrari Locations: Hong Kong, Wall, Silicon, China, Beijing, FTSE China

LONDON, Aug 25 (Reuters) - In an investment world trumpeting new-found ethical and sustainability guidelines, the seeming indifference of markets to democratic credentials still remains stark. There's little doubt that emerging market risks are many and rising for Western investors. What's more, there were as many emerging economies in its sample with relatively low bond spreads in the group with very low V&A scores as the group with very high V&A scores. If you removed those two wipeouts, screening just for V&A democratic values made much less difference to the bottom line. "Taking heed of these geopolitical risks could be the crucial difference between securing your returns or ending up with nothing."

Persons: Morgan's, Eamon Aghdasi, Mina Tomovska, Saker Nusseibeh, Nick Macfie Organizations: U.S ., Hermes, Financial, Reuters, Thomson Locations: Brazil, Russia, India, China, South Africa, Saudi Arabia, Iran, UAE, Egypt, Argentina, Ukraine, Taiwan, Boston, Belarus, Washington

REUTERS/Aly Song/File Photo Acquire Licensing RightsHONG KONG/AMSTERDAM, Aug 24 (Reuters) - Global investors fleeing China have one simple message for the country's leadership: put prudence aside for a short while, and start spending big. "At this point there is confusion and, as long as there is confusion, then there's lack of credibility and that means investors are more likely to stay away," said Seema Shah, chief global strategist at Principal Global Investors in London. Prominent examples are heavy Chinese government spending during the 2008 Global Financial Crisis and its swift intervention during the 2015 market crash. But the subsidies need to come from local governments, many of which are cash-strapped or even drowning in debt and unable to pay their civil servants. The lack of concrete stimulus measures now is prompting many China watchers to downgrade their growth estimates for the next few years.

Persons: Aly, China's, Seema Shah, Chen Zhao, Zhao, hasn't, Frederik Ducrozet, Ducrozet, Principal's Shah, Yan Wang, Xi Jinping's, we’ve, Lorraine Tan, Dhara Ranasinghe, Davide Barbuscia, Yoruk, Xie Yu, Ankur Banerjee, Tom Westbrook, Li Gu, Vidya Ranganathan, Kim Coghill Organizations: REUTERS, Global, Global Investors, policymaking Politburo, Pictet Wealth Management, Local, UBS Bank, Federated Hermes, Foreigners, Asia, Morningstar, Thomson Locations: Huangpu, Shanghai, China, HONG KONG, AMSTERDAM, London, Beijing, Japan, United States, New York, Amsterdam, Hong Kong, Singapore

☆ Jeff Bezos' Fiancee Flaunts 'Loud Luxury' Vacation Style
▼ + stars: | 2023-08-22 | by ( Grace Mayer | ) www.businessinsider.com time to read: +3 min

Lauren Sanchez, Jeff Bezos' fiancee, has traded in quiet luxury for "loud luxury." Sanchez's vacation style has included vibrant colors, loud patterns, and flashy sequined ensembles. Sanchez and Bezos have been galavanting across Europe this summer aboard the Amazon founder's $500 million megayacht, and Sanchez has packed a variety of 'loud luxury' pieces. Instead of donning neutral color palettes and label-less attire, two crucial components of quiet luxury dressing, Sanchez's summer Yacht style has included an array of colorful and flashy ensembles that broadcast brand names. Another white dress she wore in Spain was entirely encrusted in pearls, writes the Daily Mail.

Persons: Lauren Sanchez, Jeff Bezos, Sanchez, Pucci, Piana, Kendall, Louis Vuitton, logoed Chanel, Daniela Gregis, Mimi Liberté Organizations: Service, Daily Mail, Daily, GQ, Wall Street Locations: Europe, Wall, Silicon, Saint, Portofino, Ibiza, Spain

☆ Wall St Week Ahead Less cash, fewer bears could leave U.S. stocks vulnerable
▼ + stars: | 2023-08-19 | by ( David Randall | ) www.reuters.com time to read: +5 min

The upshot, some believe, is that there is now less cash on the sidelines to drive further gains and fewer skeptical investors to win over. The bank’s survey of fund managers showed cash allocations dropped to 4.8% in August, the lowest level in 21 months. Bearishness among retail investors, meanwhile, is at half the levels seen in September 2022, according to the AAII Sentiment Survey. Should the market stabilize, investors will likely reallocate more cash to stocks later in the year, she said. Of course, while optimism has grown, it is still far from extreme, and cash levels are far from historical lows.

Persons: Carlo Allegri, that’s “, Willie Delwiche, Quincy Krosby, Steve Chiavarone, Chiavarone, ”, David Randall, Ira Iosebashvili, Cynthia Osterman Organizations: New York Stock Exchange, REUTERS, BofA Global Research, Mount Research, Federal, U.S ., China Evergrande, HK, U.S, LPL, Federated Hermes, Thomson Locations: New York, Jackson Hole , Wyoming, U.S

☆ European shares open lower as rate jitters, China woes loom large
▼ + stars: | 2023-08-18 | by ( ) www.reuters.com time to read: +2 min

The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, August 17, 2023. As of 0703 GMT, the pan-European STOXX 600 (.STOXX) was down 0.5% and poised for its fourth consecutive day of losses, if trend holds. Surging bond yields have pressured equities this week, with the STOXX 600 headed for a weekly fall of nearly 2%. European miners (.SXPP), who also face an exposure to China, fell 1.1% in early trade. UK's blue-chip FTSE 100 (.FTSE) fell 0.6% after data showed British retail sales slumped more sharply than expected in July.

Persons: Hermes, Shashwat Chauhan, Sherry Jacob, Phillips Organizations: REUTERS, Staff, China Evergrande, HK, EQT, Thomson Locations: Frankfurt, Germany, China, U.S, Bengaluru

☆ Investors are chasing cash flow instead of staples and utilities, says CAPTRUST's Mike Vogelzang
▼ + stars: | 2023-08-17 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailInvestors are chasing cash flow instead of staples and utilities, says CAPTRUST's Mike VogelzangSteve Auth, Federated Hermes Equities CIO, and Mike Vogelzang, CAPTRUST CIO, along with CNBC's Steve Liesman, join 'The Exchange' to discuss marginal increases in consumer income, resuming student loan repayments adding strain to consumer spending, and small-cap stocks with impressive cash flows.

Persons: Mike Vogelzang Steve Auth, Mike Vogelzang, Steve Liesman Organizations: Hermes, CAPTRUST

Just as important will be persuading people like Mr. Marohn that electric cars, renewable energy and electric heaters and stoves are practical, economical and exciting. Many, conservatives in particular, chafe at the prospect of the government forcing them to buy electric cars or ditch their natural gas appliances, polls show. By The New York TimesA clean energy future will require painstaking and individually tailored persuasion campaigns. “Even if some of them deny the science of climate change, they can’t deny good-paying jobs,” he said. “I just want to change the perception that electric cars are not as good as big, noisy muscle cars,” Mr. Lawson said.

Persons: Mikey Marohn, “, ”, Marohn, Alicia Cox, Cox, , chafe, Jesus, Ms, ” “, Jae Landreth, “ That’s, “ Nobody’s, Mr, Landreth, Phil Collins, Rob Leach, Leach, ‘, “ I’ve, Jack Conness, Biden, Jennifer Granholm, Granholm, Vladimir V, Putin, Sue Burns, Burns, Marjorie Taylor Greene, William Turner, didn’t “, Jason Walsh, Walsh, Tia Williams, Ms . Granholm, ” Ms, Williams, Joe Wilson, ” “ Didn’t, Roy Cooper of, Cooper, Patrick Lawson, Ford, Lawson, Lawson’s, Susan Lawson, Cheryl, Tesla, They’re, Kent Wheeler, “ It’s, ’, Josh Hermes, Paul Rosenzweig, Rosenzweig, Mary T, Barra, ” Kenneth Boswell, Quinton Lucas, Lucas, ” Mr Organizations: Clean, Biden, General Motors, nonbelievers, Republican, Pew, The New York Times, Pew Research Center, Toyota, Clean Energy Manufacturing, Energy Innovation, Trump, Trump Biden, Savings, Yale, Pontiac, BlueGreen Alliance, Democratic, Georgia Institute of Technology, Mr, Republicans, Flex, Gov, Northern Arapaho Tribe, Tesla, Rocky Mountain Rebels, Elks, Wild West EV, Polaris, Northern Arapaho, Chevy Silverado, Mercedes, Benz, Alabama Department of Economic and Community Affairs, Kansas City, Fire Department Locations: Teton, Wyoming, Yellowstone, Baldwin City, Kan, Kansas City, G.O.P, Counties, Russia, Memphis, South Carolina, Georgia, Tennessee, Murfreesboro, Tenn, Dalton, Ga, Roy Cooper of North Carolina, Riverton, Jackson, Minnesota, Louisiana, Alabama, Missouri, Quinton Lucas , Kansas, Kansas

American luxury-goods companies have long wanted to build a multibrand rival to take on the European giants that dominate the industry. Tapestry and Capri said the deal could lower their costs by $200 million over the next three years. Tapestry is taking on a lot of debt via an $8 billion bridge loan — the largest M.&A. And Capri depends heavily on Michael Kors, which generates 70 percent of its revenue. By comparison, Versace, Capri’s only real luxury brand, accounts for just a fifth of sales.

Persons: Kate Spade, Michael Kors, Versace, Tapestry, Salvatore Ferragamo, They’ve, Capri, Capri’s Organizations: Burberry, Street

☆ Handbags and hats made of mushroom leather could become the next luxury items for brands like Hermès
▼ + stars: | 2023-08-10 | by ( Catherine Boudreau | ) www.businessinsider.com time to read: +5 min

The company will open its first commercial plant in September to supply luxury brands like Hermès. Fashion brands are investing in materials that don't use animals or plastic to meet climate goals. Many fashion brands have set climate goals and are searching for sustainable substitutes to animal- or plastic-based leather and other textiles with high carbon footprints. An Hermès bag made of MycoWorks' mycelium leather. She sees a luxury fashion house like Hermès as an ideal pioneer for alternative leather because the brand's status is based in part on scarcity.

Persons: MycoWorks, Matt Scullin, Coppie Barbieri, Scullin, Stella McCartney, Dan Widmaier, haven't, Anne Higonnet, Hermès, Birkin, Higonnet, Reishi, That's Organizations: Service, Ligne, General Motors, Adidas, Vogue Business, New York's Barnard College, Consumers Locations: Wall, Silicon, San Francisco, South Carolina

☆ Caviar Gets Even More Refined
▼ + stars: | 2023-08-08 | by ( ) www.nytimes.com time to read: +2 min

So it’s perhaps no surprise that chefs are turning their attention to something more rarefied than your everyday osetra: albino caviar, which ranges in color from alabaster to golden, and is the result of uncommon mutations. The most sought after is that of the beluga sturgeon but, says Hermes Gehnen, the founder of N25 Caviar, an international purveyor, “restaurants generally can’t afford it. Although white caviar stock is limited, they aren’t the only pale orbs worth chasing. Snail eggs, which have a mushroomlike flavor, have the same visual appeal despite their earthy taste. “Sometimes,” says Munk, “you’ll pay even more money for snail eggs than you do for caviar.” — Lauren JosephThe Thing: Jewel-Toned Glass Lamps From Hermès

Persons: Hermes Gehnen, ”, Angie Mar, Rasmus Munk, Araki, Marty Lau, Munk, “, ” — Lauren Joseph The Organizations: Trois, Alchemist Locations: New York, Copenhagen, London

☆ Chiavarone: Rising yields could spook markets, but we'd be buyers of that weakness
▼ + stars: | 2023-08-07 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailChiavarone: Rising yields could spook markets, but we'd be buyers of that weaknessSteve Chiavarone, Senior Portfolio Manager and Equity Strategist at Federated Hermes, discusses his investment positioning and the outlook for the markets.

Persons: Steve Chiavarone Organizations: Federated Hermes

☆ Meet Ted Pick, the hard-charging 'deal junkie' who looks poised to succeed James Gorman as CEO of Morgan Stanley
▼ + stars: | 2023-08-05 | by ( Hayley Cuccinello | ) www.businessinsider.com time to read: +3 min

Morgan Stanley's hard-charging trading boss Ted Pick is the frontrunner to succeed CEO James Gorman. Morgan Stanley veteran Ted Pick is in the running to succeed chief executive James Gorman. Though Wall Street has dressed down over the last few years, he sticks to his suits and Hermès ties. While Morgan Stanley currently trades at a premium among its Wall Street peers, but its enviable success isn't thanks to Pick. He's a lot more like John Mack than James Gorman in terms of style," an ex-managing director said, referring to Gorman's sharp-elbowed predecessor.

Persons: Morgan Stanley's, Ted Pick, James Gorman, Morgan Stanley, Pick, Gucci loafers, Blackstone, Tony James, Morgan, it's, Andy Saperstein, Dan Simkowitz, Gorman, John Mack, Bill Parcells, Ted Organizations: Archegos Capital Management, NFL

☆ A New Jersey Home Dripping With Hermès Wallpaper Asks $5.475 Million
▼ + stars: | 2023-08-04 | by ( Sarah Paynter | ) www.wsj.com time to read: 1 min

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Persons: Dow Jones

☆ Meet Ted Pick, the hard-charging 'deal junkie' who rose to the top at Morgan Stanley the old-fashioned way — and looks poised to succeed James Gorman as CEO
▼ + stars: | 2023-08-01 | by ( Hayley Cuccinello | ) www.businessinsider.com time to read: +20 min

Employees knew they were getting promoted if Pick told them to wear a tie the following day, an ex-managing director recalled. While Morgan Stanley currently trades at a premium among its Wall Street peers, its enviable success isn't thanks to Pick. Succession has traditionally been a bloody sport on Wall Street, and Morgan Stanley is no exception. Gonzalo Marroquin/Patrick McMullan via Getty Images Show less Morgan Stanley investment management head and dark horse in the race for CEO, Dan Simkowitz. Despite enjoying the stock price gains under Gorman's reign, plenty of longtime employees want another dyed-in-the-wool Morgan Stanley loyalist, according to a former senior executive.

Persons: Morgan Stanley, Ted Pick, Pick, Gucci loafers, Blackstone, Tony James, Morgan, James Gorman, Gorman, Andy Saperstein, Dan Simkowitz, John Mack, Ted, James, Phil Purcell, Mack, Purcell, Merrill Lynch, Paul Taubman, Colm Kelleher, coheads, Gonzalo Marroquin, Patrick McMullan, Saperstein, Euromoney, Parker Gilbert, He's, John, cohead, Bolu, Goldman Sachs, Pablo, tony, Betsey Kittenplan, Smith Barney, James cochairs, Jim Breyer, Anna Wintour, John Mack pranking Pick, John Waldron, Goldman, I'm, Howard Marks, Bill Parcells, atta, Brian Moynihan, aren't, David Solomon, Jamie Dimon's, Eaton Vance, he's, you've, Richard Drew, — Organizations: Employees, Archegos Capital Management, Blackstone, McKinsey, Getty, Middlebury College, China Construction Bank, Harvard Business School, Mitsubishi, Wall, Autonomous Research, Anguilla, Agricultural Bank of China, Capital Management, Metropolitan Museum of Art, Vogue, New York Rangers, Oaktree Capital Management, Bloomberg, Staten, Disney, JPMorgan, Trade, AP Locations: China, Beijing, Manhattan, New York City, Caracas, Venezuela, Brookville, tony Long

☆ 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

☆ These vintage Apple sneakers with the rainbow logo originally made for employees can be yours — if you have $50,000
▼ + stars: | 2023-07-26 | by ( Haley Tenore | ) www.businessinsider.com time to read: +3 min

The shoes, which are white and feature a vintage rainbow Apple logo, are listed for $50,000. A pair of vintage Apple sneakers are on sale, but they cost more than what some people make in a year. Sotheby'sThe white sneakers have a rainbow Apple logo on the tongue and on the sides. Many of these items were decorated with the rainbow Apple logo, along with other bold, kitschy designs, reminiscent of the time period. There was also the vintage Apple letterman jacket, a retro black jacket with brown sleeves that featured the rainbow logo.

Persons: Sotheby's, it's, Drake, Justin Sullivan, Hermes Organizations: Morning, Omega Sports Apple Computer, Apple, BBC, Apple Music, eBay Locations: Cupertino , California, California

☆ 'Good value, low risk, high quality': BofA names top Europe stocks to beat a recession
▼ + stars: | 2023-07-25 | by ( Lucy Handley | ) www.cnbc.com time to read: +2 min

Bank of America has named multiple European "top stocks" it says are of "good value, low risk" and "high quality." All of them turned up on "recession screens" for July, in a market BofA described as a being in a recession style cycle. The euro zone entered recession in the first quarter of the year, according to economic data released last month. Energy companies the bank named include Shell , German company EON and Italian firm Enel . During recession cycles, investors have benefited from being overweight on value stocks rather than growth stocks, as well as on stocks with strong balance sheets and lower risk, BofA added, citing research based on a testing period between 1992 and 2003.

Persons: EON, Reckitt, BofA, — CNBC's Michael Bloom Organizations: of America, Roche, Novartis, Sanofi, GSK, Volvo, Benz, Ferrari . Energy, Shell, Unilever, Lysol, Hikma Pharmaceuticals, Auto Locations: Howden

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