French Stocks Stand Out With 2024 Loss as Political Risk Weighs [Yahoo! Finance Canada]
LVMH-MOET H/L/V UNSP/ADR (LVMUY)
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Source: Yahoo! Finance Canada
Most Read from Bloomberg The CAC 40 index declined 2.2% this year, compared with gains of 19% for Germany's DAX, 15% for Spain's IBEX, and 13% for Italy's FTSE MIB. When President Emmanuel Macron called a snap parliamentary election in June in an attempt to rebound from a harsh defeat in the European elections, he set up a chain of events which led to budget deadlock, a sovereign rating cut and a steep discount on French stocks and bonds. The political turmoil drove the yield spread between French government bonds and their German counterparts to the widest since 2012 and hit financial stocks and others focused on the domestic economy. The CAC 40 was also challenged by its heavyweight luxury stocks as Chinese shoppers scaled down spending on high-end handbags and skincare. Industry giants LVMH, L'Oréal SA and Kering SA are among the biggest losers on the French stock exchange, with Gucci owner Kering shedding 40%. READ: French Billionaires Take Biggest Hit Ever on Luxury Go
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- Inside luxury goods' broken audit system [Yahoo! Finance Canada]Yahoo! Finance Canada
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- This chart shows what a bad year 2024 was for luxury [Business Insider]Business Insider