Business Maverick: Pain From Hong Kong Protests Spreads as Luxury Names Get Hit

Swiss luxury-goods maker Richemont became the latest casualty, saying Thursday the street demonstrators dealt a blow to local sales. The owner of Cartier and Van Cleef & Arpels echoed Swatch Group AG in saying that the unrest in Hong Kong, the top export market for Swiss watches, weighed on sales due to store closures and lower tourist arrivals.

HSBC estimates that 350,000 mainland Chinese tourists will stay away this year because of the unrest, SCMP. Flight bookings from Asia — excluding the mainland and Taiwan — to Hong Kong fell 5.4% in the period of June 16 to July 13, according to researcher ForwardKeys. The setback comes at an inopportune time for retailers already facing headwinds from the trade war, a depreciating Chinese currency that lowers mainland tourists’ purchasing power and the threat of a global recession affecting consumer spending, said Jennifer So, senior analyst at Lego Asset Management in Hong Kong.

“Retailers that rely more on tourist spending or discretionary spending like jewelry, cosmetics and hoteliers will suffer the most,” So said. “Online spending and e-commerce will fare better.”

Brasil Últimas Notícias, Brasil Manchetes

Similar News:Você também pode ler notícias semelhantes a esta que coletamos de outras fontes de notícias.

Business Maverick: Thursday, June 18: Five Things You Need to Know to Start Your DayAsian stocks are poised for a downer amid mixed U.S. corporate earnings and lingering trade tension. A China investor who’s beaten almost all of his peers is betting big on Kong Kong. And Iran says it could shut the Strait of Hormuz if it wants to. Here are some of the things people in markets are talking about today.
Fonte: dailymaverick - 🏆 3. / 84 Consulte Mais informação »

Hong Kong’s expat police become focus of protester rage | SABC News – Breaking news, special reports, world, business, sport coverage of all South African current events. Africa's news leader.
Fonte: SABC News Online - 🏆 32. / 51 Consulte Mais informação »

Business Maverick: Microsoft shares hit record highs, powered by growing cloud salesMicrosoft Corp on Thursday beat analysts' estimates for fourth-quarter revenue and profit, driven by continued sales increases from its cloud business and sending its shares to all-time highs.
Fonte: dailymaverick - 🏆 3. / 84 Consulte Mais informação »

Business Maverick: Investors Gorge on African Bonds, But They’re Dodging Its StocksAfrican local bonds are on a tear as investors flock to riskier assets. But the continent’s stocks are missing out, despite being much cheaper than their emerging-market peers.
Fonte: dailymaverick - 🏆 3. / 84 Consulte Mais informação »