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Luxury goes bid on China's o/n announced stimulus measures

CONSUMER CYCLICALS
  • LVMH +4.5%, Richemont +4.6%, L'Oreal +3.5%
  • Burberry +4.6%, Kering +5.4%

We have no credit concerns with LVML, L'Oréal or Richemont - all reported relatively firm results last quarter. Caution on other other two that have brand issues - similar to Airlines going bid on falling oil - questionable if any relevance for RV.

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  • LVMH +4.5%, Richemont +4.6%, L'Oreal +3.5%
  • Burberry +4.6%, Kering +5.4%

We have no credit concerns with LVML, L'Oréal or Richemont - all reported relatively firm results last quarter. Caution on other other two that have brand issues - similar to Airlines going bid on falling oil - questionable if any relevance for RV.