(News Bulletin 247) – A negative bias prevails in the main European markets (-0.1% in London and Frankfurt, -0.7% in Paris), against the backdrop of disappointing data from China and a publication dull Richemont.
Pointing out that Chinese GDP growth fell to +0.8% in the second quarter of 2023, Commerzbank points out that ‘the pace of the recovery has therefore slowed more than was expected earlier this year’, which according to him ‘requires more stimulus to come’.
In terms of statistics, operators will once again be aware this week of, among other things, inflation in the euro zone and the United Kingdom, as well as numerous American data such as retail sales and industrial production.
The next few days will also see the rise of the quarterly results season, with for example values of the caliber of Novartis, ASML and SAP in Europe, or even Goldman Sachs, IBM and Tesla in the United States.
For the time being, Richemont is losing nearly 8% in Zurich, while the luxury house has claimed a growth in its turnover of 14% (+19% at constant exchange rates) in its first accounting quarter, to 5.32 billion euros.
“Growth slowed sequentially, as acceleration in Asia supported by China and strong tourist purchases in Europe were offset by deceleration elsewhere,” Stifel said.
In its wake, the title of the Swiss group leads its French peers LVMH (-3%), Hermès (-3%) and secondarily Kering (-1%), thus beating the trend in Paris where the luxury sector weighs particularly heavy.
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