European luxury stocks fall on demand concerns
Yahoo Finance's Rachelle Akuffo joins the Live Show to report on the decline of European Luxury stocks on demand concerns amid a slowing international economy and the news that China is bracing for another Covid wave.
Video Transcript
RACHELLE AKUFFO: All right. Time now for our chart of the day. European luxury goods have been trading at a premium more than twice as expensive as the broader European markets. But fears of a slowdown in demand have taken a chunk out of the market in the last few days. Erasing more than $30 billion from the sector on Tuesday after news that China is bracing for another COVID wave.
With US consumers also facing macroeconomic headwinds, European luxury companies could see a drop in two of their largest markets. We'll be keeping an eye on that.