{"type":"rich","version":"1.0","provider_name":"Transistor","provider_url":"https://transistor.fm","author_name":"Closing Price — Luxury Equities & Alternative Asset Signals","title":"On a Risk-On Day, LVMH, Hermès and Kering Slipped While the Nasdaq Jumped; the Demand Signal Is in the Resale Saleroom with New Highs","html":"<iframe width=\"100%\" height=\"180\" frameborder=\"no\" scrolling=\"no\" seamless src=\"https://share.transistor.fm/e/2f0c6d3f\"></iframe>","width":"100%","height":180,"duration":301,"description":"June 29: On a Risk-On Day, LVMH, Hermès and Kering Slipped While the Nasdaq Jumped; the Demand Signal Is in the Resale Saleroom with New Highs\nThe two forces that drove last week's luxury selloff both eased, the US and Iran stepped back and the AI trade roared back, and the broad market rallied nearly 2 percent. Yet the luxury mega-caps slipped. Luxury was never an AI trade, so neither last week's tech-led selloff nor today's tech-led bounce measured luxury demand. The one thing that did, the saleroom, set fresh records today.\nALT/FNDATA\n- Book a Data Sandbox demo: https://altfndata.com/book\n- Market reports: https://altfndata.com/go/cp-260629-r\n- Podcast episodes: https://altfndata.com/go/cp-260629-p\nLuxury Sat Out the Rally\n- The macro turned risk-on: the Nasdaq closed up 1.8 percent on the AI and chip rebound, gold fell, oil firmed, the dollar slipped, with US-Iran tension easing.\n- But the luxury giants lagged. LVMH closed down 0.7 percent, Hermès down two-thirds of a percent, Kering down half a percent, even as the broad market surged. Richemont (+1.7%), Brunello and Burberry were the exceptions.\nThe Demand Floor Made New Records\n- While the equity tape chased the AI rebound, the saleroom printed records. London's summer auctions delivered the city's biggest haul in a decade, led by a 63.9 million dollar Modigliani; Christie's set a world record for an online handbag sale in Paris.\n- Real luxury demand shows up at auction, and it made new highs on the very day the listed names slipped.\nThe Divergence\n- Today was not the equities converging up toward demand. The broad market rallied on tech, the luxury mega-caps lagged, and the resale market made records. The equity tape trades on macro and sector flows; the demand it represents shows up in the saleroom.\n- The test is unchanged: watch the resale series. If it holds at these highs, last week's selloff was macro and the mega-caps catch up. If it rolls over, that is the warning.\nThe Board (Monday close)\n-...","thumbnail_url":"https://img.transistorcdn.com/-hOE2p7i6o042-uL_U7DDqKjx_Az8ErebwSEdvS9Gfo/rs:fill:0:0:1/w:400/h:400/q:60/mb:500000/aHR0cHM6Ly9pbWct/dXBsb2FkLXByb2R1/Y3Rpb24udHJhbnNp/c3Rvci5mbS9jMTc5/NmRjNzQ2MTE0NmFl/YWY4OTQyODMxMTlh/ZGNiYy5wbmc.webp","thumbnail_width":300,"thumbnail_height":300}