{"type":"rich","version":"1.0","provider_name":"Transistor","provider_url":"https://transistor.fm","author_name":"Closing Price — Luxury Equities & Alternative Asset Signals","title":"Watch and Jewelry Retailers Sink on a Fed-Hike Scare; the Resale Market Holds at Its Highs; Tapestry +5% as Capri −6%","html":"","width":"100%","height":180,"duration":301,"description":"June 23: Watch and Jewelry Retailers Sink on a Fed-Hike Scare; the Resale Market Holds at Its Highs; Tapestry +5% as Capri −6%\nToday's signal: the listed watch and jewelry retailers were among the hardest hit in a broad, macro-driven selloff, yet the resale market for the very same goods sits at its cycle highs.\nALT/FNDATA\n- Book a Data Sandbox demo: https://altfndata.com/go/cp-260623\n- Market reports: https://altfndata.com/go/cp-260623-r\n- Podcast episodes: https://altfndata.com/go/cp-260623-p\n\nThe signal:\n- A hawkish repricing drove everything down but the dollar. Bank of America and Deutsche Bank both said they now expect a Federal Reserve rate hike in September, sending the dollar to a one-year high and the 10-year yield toward 4.5 percent. Nasdaq fell about 4 percent, gold dropped more than 5 percent, oil nearly 5 percent.\n- The listed watch and jewelry retailers took the brunt: Watches of Switzerland down about 4 percent, Swatch about 2 percent, Signet nearly 4 percent. The broad European houses were mixed (LVMH up about 0.5 percent, Richemont down 2.2 percent, Burberry down nearly 6 percent), and the accessible US names split sharply: Tapestry up almost 5 percent while Capri fell almost 6 percent on the same day. That dispersion is the signature of positioning and flows, not a read on luxury demand.\n- The resale market did not flinch. The most recent watch cycle set records (a 75.8 million dollar Phillips New York sale, the highest-grossing watch auction in US history), and the top lots in our database continue to clear seven and eight figures.\n- The testable question: watch the resale series. If resale prices for watches and jewelry roll over, the retailers' weakness is an early demand warning. As long as resale holds, a day like today is a rates story, not a demand story.\nThe board (today's close):\n- European luxury: Hermès 1,605.00 euros (down 0.9 percent), LVMH 483.70 euros (up 0.5 percent), Richemont 178.35 Swiss francs (down 2.2 percent), Kering...","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}