September 11, 2024 at 6:40AM EDT --
Luxury-goods makers, miners and carmakers are seeing sharper cuts to earnings expectations than the broader market — and that won’t change soon, the Citi strategists said in the report, which contrasted with last week’s Bank of America recommendation. Luxury stocks from LVMH to Kering SA tumbled this year as Chinese buyers curbed their spending. Carmakers Volvo Car AB and Porsche AG became popular targets for short sellers amid trade disputes between Europe and China. Miners Rio Tinto plc and Glencore plc have fallen more than 20% this year as a slump in China’s housing sector shows no signs of easing.
Citi’s basket of European companies with high revenue exposure to China has fallen over 7% this year, a sharp divergence from the 6% gain seen for the Stoxx 600 benchmark.
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