But that’s not the case for everyone: The ultra-wealthy are doing just fine, and Wall Street firms are taking advantage of that. What’s happening: Economic growth in China and the United States is wobbling. The US economy grew far below expectations in the first quarter of the year and factory activity in China fell in May to its weakest level since the country ended its zero-Covid policy five months ago.
\n \n , the parent company of brands like Louis Vuitton, Dom Pérignon, and Dior, reported strong results for the first quarter of the year with sales up 17%. The luxury firm became the first in Europe with a $500 billion market valuation in April and is now among the 10 largest companies in the world. Huw Roberts, head of analytics at Quant Insight, noted that while
cited softer luxury demand trends in the United States and Europe during its April earnings call, the company — along with rival brands like Richemont and Hermes — have been among the strongest performers year-to-date in Europe, up around 25% compared to the broader index up 9%. Roberts said that makes it one of the most expensive “growth” segments in Europe.
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Stock market today: Wall Street futures point higher on debt deal, but some tremors in retailGlobal benchmarks were mostly higher Thursday after the United States House of Representatives approved a debt ceiling and budget cuts package, avoiding a default crisis.
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