European luxury stocks tumble after weak Chinese data
Reuters
Published Jan 14, 2019 03:14AM ET
European luxury stocks tumble after weak Chinese data
PARIS (Reuters) - Shares in top European luxury goods companies fell on Monday after weak economic data from China, which is a major source of revenue for many firms in the sector.
LVMH (PA:LVMH) and Kering (PA:PRTP) both fell by around 2 percent, while Hermes' shares (PA:HRMS) declined by 1.3 percent.
Data on Monday showed that China's exports unexpectedly fell by their most in two years in December, while imports also contracted, pointing to further weakness in the world's second-largest economy in 2019 and deteriorating global demand.
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Written By: Reuters
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