Cooling demand for luxury goods? LVMH's sales growth slowed in the second quarter, but a large number of tourists are going to Japan for "explosive buying".
Amidst slowing global demand for luxury goods, LVMH has also not been able to escape the problem of weak growth. Data shows that the company's demand in the Chinese market has declined, but at the same time, the company's sales in Japan have soared. The company believes that this is due to the substantial devaluation of the Japanese yen, which has led to many Chinese tourists turning to Japan for shopping.
Midday Market Recap: Three major indices narrow their losses, electric vehicle stocks falling, xpeng down more than 5%.
The Hang Seng Index fell by 0.2%, the GEM index fell by 0.67%, and the State-owned Enterprise Index fell by 0.15%; the three major Chinese oil companies rose, China National Offshore Oil Corporation rose nearly 2%; beverage stocks weakened, nongfu spring fell more than 5%; ASMPT fell more than 15% due to poor mid-term performance.
Zhang Kun's latest quarterly report "Lingchen" made its debut: the current valuation is "too low", and the market should be worried about high-quality companies being privatized.
This season, he expressed his dissatisfaction with the current bearish expectations in the market with strong and direct language.
Global top five luxury goods tycoons' wealth evaporated by 17 billion US dollars this year! The founder of LV dropped from the top of the rich list.
In contrast, the wealth of the other people on the world's top 500 rich list increased by 1 trillion dollars or 13% during the same period, creating the largest gap since May 2022. The luxury goods industry is being impacted by the macroeconomic slowdown in major economies around the world, as well as concerns over geopolitical issues, and the political deadlock in France is creating additional challenges.
CICC: Hong Kong's external demand continued to improve in the first quarter, but the real estate market is difficult to see a major turning point in the cycle.
The high interest rate environment continues to put pressure on the payment ability of local enterprises and residents in Hong Kong.
Two major bullish news suddenly broke out in Hong Kong!
As the July 1st approaches, bullish rumors about Hong Kong are frequent!