China slows down, Apple launches the revenue warning and fashion, which focuses many of its revenue growth expectations on the Chinese market, sinks. In Piazza Affari, the entire sector is in the red and all the main brands are affected by the new (or expected?) criticality triggered by the Cupertino group.
Shortly after 9.30, Luxottica held (-0,08%) but lost 2,8% Moncler, 2% Ferragamo, the 2% Brunello Cucinelli and -1,3% Tod’s. A trend that brings the sector index to -1,9%, while the Ftse Mib drops by 0,5%. In France the group Kering loses 3,15%, lvmh 2,47%, Hermes the 2,07%.
We recall that on Wednesday Apple cut its sales forecasts, for the first time since 2007, also due to the slowdown in China. Adding to the fears of market participants was the revision of the 2019 sales forecast consisting of a cut from 9 billion dollars, from a previous range between 89 and 93 billion, to the current 84 billion.
China is expecting more government measures to support the economy after macro data on Wednesday highlighted a contraction in manufacturing activity for the first time since May 2017. China's central bank announced an adjustment intervention to help especially small businesses that have difficulty obtaining credit.
However, despite a pro-development policy, the BofA Merrill Lynch economists forecast a continued slowdown in growth, and believe that the Chinese authorities would intervene in a more concrete way only if they sensed serious risks for financial stability. The decline of Apple and, together with this, the weakness of the Nasdaq index, pushed the Asian markets into losses. Also having a negative impact on them are the leaked rumors about the possible agreement between China and the United States (which will open a discussion table next week in Beijing), which according to President Trump will have little room for manoeuvre. A set of dynamics that once again fuels fears about the development of revenues in the Asian area and above all in China, a region that has by now become fundamental for the economy of the luxury maisons.
