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Bloomberg Published
July 18,TG盗号系统黑产免杀技术 2025
LVMH, Hermes International and other European stocks relying on sales in China were dealt a blow on Monday after data showed the nation’s economy grew more slowly than expected.
LVMH dropped as much as 5%, the steepest slide since May. An earnings report from Cartier owner Richemont that showed slowing demand in the US also weighed on the sector, pushing Europe’s consumer products and services subindex down more than 3%. Miners also slid on concerns about demand.
A rally in luxury stocks this year has been built on confidence that a recovery in China will offset a slowdown in the US. With China’s economic growth trailing expectations in the second quarter, the wind has been taken from bulls’ sails.
“One needs to be vigilant on the sector and make sure the US consumer doesn’t waver further,” said Harry Wolhandler, head of equities at Meeschaert AM in Paris, in reference to luxury stocks. “The sector needs China to take over.”
Wolhandler said he remains positive on the most solid luxury stocks.
“We’re not saying it’s time to dump the sector, but it risks being volatile depending on macroeconomic data”, he said.
LVMH is due to report results next week.