In Paris Hermes, Lvmh and Kering under pressure, weighing down sector stocks
The luxury sector is suffering from the fact that the Chinese authorities, while confirming their willingness to support the economy, have not announced any concrete measures
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(Il Sole 24 Ore Radiocor) - Sales on luxury stocks in Europe after the Chinese authorities, while confirming their willingness to support the economy, did not announce any concrete measures. At the long-awaited briefing of the National Development and Reform Commission, Chairman Zheng Shanjie reiterated "full confidence" in achieving economic targets, but did not disclose details on possible new measures.
Investors thus lightened their positions on the luxury biggies, which are discounting the deceleration of the People's Republic's economy and the consequent drop in consumption. In Paris, Kering (-4.2%), which fell more than five points during the session, and Lvmh, down about four percentage points, suffered the consequences, while Hermes limited its losses to -0.6%. On Piazza Affari's Ftse Mib (which closed down 0.24%), sales hit Moncler (-1.38%) and Brunello Cucinelli (-0.89%). Outside the main basket, Salvatore Ferragamo closed down about two percentage points to lose 5%. Badly also Burberry, which lost 4.42% in London.
