{"type":"rich","version":"1.0","provider_name":"Transistor","provider_url":"https://transistor.fm","author_name":"Closing Price — Luxury Equities & Alternative Asset Signals","title":"As H1 Ends, the Two Luxury Markets Finish in Opposite Places; Kering Slides While Christie's Paris Jewels Double Their Estimate","html":"","width":"100%","height":180,"duration":304,"description":"June 30: As H1 Ends, the Two Luxury Markets Finish in Opposite Places; Kering Slides While Christie's Paris Jewels Double Their Estimate\nTonight, the first half of the year closes with the two markets we track in opposite places. The listed luxury names limped to the line, with another soft session led by Kering, while the saleroom ended the half at its highs, Christie's Paris jewels doubling their estimate today after London's biggest auction haul in a decade last week.\nALT/FNDATA\n- Book a Data Sandbox demo: https://altfndata.com/book\n- Market reports: https://altfndata.com/go/cp-260630-r\n- Podcast episodes: https://altfndata.com/go/cp-260630-p\nA Half That Ends in Two Places\n- Listed luxury closed the first half deep in the red. On a day the broad market rose (Nasdaq +1.5%, S&P +0.8%), the European luxury complex sold off hard, led by Kering down almost 7 percent, with LVMH, Richemont, Swatch, Burberry and Hermès all lower.\n- The saleroom closed the half at records: Christie's Paris jewelry sale totaled 10.5 million euros, double its estimate, after London delivered its biggest summer haul in a decade last week.\nA Notable Quarter-End\n- Oil headed for a quarterly drop of around 20 percent, the yen touched a 40-year low against the dollar, and Iran stirred fresh tension with talk of controlling the Strait of Hormuz, even as the broad market took it in stride.\nThe Divergence\n- The listed luxury market and the real one ended the half apart. The equity tape trades on macro and flows; the demand it represents shows up in the saleroom, and the saleroom is at its highs.\n- The test into H2: if auction prices stay at these highs, the beaten-down luxury stocks are simply too cheap and recover; if auction prices fall, the stock selloff was the early warning of weaker demand. Tonight, with the saleroom at its highs, the demand side is winning.\nThe Board (Tuesday close)\n- European luxury: Brunello Cucinelli 82.60 EUR (+0.83%), Watches of Switzerland 709.0p (+0.21%), Hermès...","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}