{"type":"rich","version":"1.0","provider_name":"Transistor","provider_url":"https://transistor.fm","author_name":"Closing Price — Luxury Equities & Alternative Asset Signals","title":"The Luxury De-Rate Finds a Floor; Richemont +4% and Pandora +6% as Tech Routs Again; Watch Retailers the Lone Holdout","html":"","width":"100%","height":180,"duration":316,"description":"June 24: The Luxury De-Rate Finds a Floor; Richemont +4% and Pandora +6% as Tech Routs Again; Watch Retailers the Lone Holdout\nAfter two days of falling with the macro, the luxury equities decoupled and rallied, even as the tech selloff deepened and gold and oil cratered. The first sign the de-rating is finding a floor, which fits what our resale data has said all along: the selling was about rates and risk, not demand. The lone holdout was the listed watch retailers, down a third straight day.\nALT/FNDATA\n- Book a Sandbox demo: https://altfndata.com/go/cp-260624\n- Market reports: https://altfndata.com/go/cp-260624-r\n- Podcast episodes: https://altfndata.com/go/cp-260624-p\nThe signal:\n- The macro stayed ugly: the Nasdaq fell another 3.4 percent on deepening AI-spending fears, gold broke below 4,100 dollars, and oil collapsed almost 9 percent under 70 dollars. Yet European luxury went the other way, with Richemont up 4 percent, Pandora up almost 6 percent, and LVMH, Hermès, and Kering each up 1 to 2 percent.\n- The exception: the listed watch retailers kept sliding. Watches of Switzerland fell for a third straight session, with Swatch, Signet, and Movado all lower. The watch names are being singled out even on an up day for luxury.\n- The resale market has not moved. Through three volatile sessions, the top of our database has sat at its cycle highs: a watch at 10.8 million dollars, a jewel at about 25.6 million, a Birkin near half a million, plus a recent Phillips New York sale that was the highest-grossing watch auction in US history.\n- The test: watch whether the bounce broadens to the watch retailers and holds, and whether the resale series stays firm. If resale holds, the floor is real and the de-rating was a macro story. If resale rolls over, the watch retailers were the early warning and the bounce is a trap.\nThe board (today's close):\n- European luxury: LVMH 493.00 euros (up 1.9 percent), Hermès 1,629.00 euros (up 1.5 percent), Richemont 185.50 Swiss francs...","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}