Another cut to luxury earnings
STOXX 600 up 0.7%
China stimulus drives rally
Miners, luxury lead gainers
German business morale falls
Wall St futures edge up
Welcome to the home for real-time coverage of markets brought to you by Reuters reporters. You can share your thoughts with us at markets.research@thomsonreuters.com
ANOTHER CUT TO LUXURY EARNINGS
Luxury is on a tear on Tuesday as traders snap up beaten-down China-exposed stocks, excited by a set of easing measures announced by Beijing to prop up its economy.
However, any support will likely take its time to filter through to the economy, so while there is a clear relief over this short-term bounce, underlying concerns around earnings remain.
It's little surprise then that fresh from a trip in Asia, UBS has cut its 2025 earnings estimates across its luxury coverage, following similar adjustments by BofA this week.
"We came back feeling incrementally cautious about the potential recovery in the global luxury market in 2025, which poses risk to margins in the sector," said a team of UBS analysts after meeting companies across the luxury, sportswear and beauty sectors in Tokyo, Seoul and Hong Kong.
"The trip allowed us to get a sense of the trends in highly influential markets, which cater to almost ~50% of the luxury consumers globally (Japanese and Korean consumers are ~15% of the market and Chinese consumers ~30% spending offshore in those locations as well as at home in Mainland China)."
UBS now expects 2025 organic sales growth of 3% (ex Hermes and Ferrari), with average sector margins falling by another 30 basis points after a 260 bp drop this year.
The Swiss bank a neutral rating on LVMH LVMH.PA.
(Danilo Masoni)
*****
EARLIER ON LIVE MARKETS:
MORE LOVE FOR US SMALL CAPS CLICK HERE
CHINA POP FOR MINERS, LUXURY AND AUTOS CLICK HERE
DAX FUTURES HIT RECORD HIGH CLICK HERE
NO BAZOOKA, BUT CHINA'S LATEST STIMULUS IS A RELIEF CLICK HERE
luxury https://tmsnrt.rs/4ddRdmB
免责声明: XM Group仅提供在线交易平台的执行服务和访问权限，并允许个人查看和/或使用网站或网站所提供的内容，但无意进行任何更改或扩展，也不会更改或扩展其服务和访问权限。所有访问和使用权限，将受下列条款与条例约束：(i) 条款与条例；(ii) 风险提示；以及(iii) 完整免责声明。请注意，网站所提供的所有讯息，仅限一般资讯用途。此外，XM所有在线交易平台的内容并不构成，也不能被用于任何未经授权的金融市场交易邀约和/或邀请。金融市场交易对于您的投资资本含有重大风险。
所有在线交易平台所发布的资料，仅适用于教育/资讯类用途，不包含也不应被视为用于金融、投资税或交易相关咨询和建议，或是交易价格纪录，或是任何金融商品或非应邀途径的金融相关优惠的交易邀约或邀请。
本网站上由XM和第三方供应商所提供的所有内容，包括意见、新闻、研究、分析、价格、其他资讯和第三方网站链接，皆保持不变，并作为一般市场评论所提供，而非投资性建议。所有在线交易平台所发布的资料，仅适用于教育/资讯类用途，不包含也不应被视为适用于金融、投资税或交易相关咨询和建议，或是交易价格纪录，或是任何金融商品或非应邀途径的金融相关优惠的交易邀约或邀请。请确保您已阅读并完全理解，XM非独立投资研究提示和风险提示相关资讯，更多详情请点击 这里。
