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Hermes International

Hermès is a 180-year-old family controlled luxury goods company best known for its Birkin and Kelly bags. Its biggest segments are leather goods and saddlery, accounting for over 40% of revenue; clothes and accessories (29% of sales); silk and textiles (7%); and other products such as perfumes, watches, jewellery, and home furnishings. Hermès has around 300 stores globally.

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Hermes International SA

JPMorgan Chase CEO Jamie Dimon issued a stark message to European leaders this week: the continent is steadily falling behind the United States, and financial markets now expose just how wide <a href="https://www.benzinga.com/markets/eurozone">the gap has become.</a>
At a conference in Dublin organized by Ireland's foreign ministry, Dimon warned that Europe is slipping in the global economic race. Over the past 10 to 15 years, he noted, the region's share of global output has dropped sharply compared to the U.S.
"Europe has gone from 90% U.S. GDP to 65% over 10 or 15 years. That's not good. You're losing," Dimon said.
He pointed to sluggish growth, outdated regulation, and insufficient investment as key reasons why the EU is falling behind both the U.S. and China.
While Dimon's focus was on economic differences in terms of GDP, the numbers coming out of stock markets reveal an even deeper structural divide between the U.S. and Europe.
<h2 class="wp-block-heading">Market Caps Tell An Even Bigger Divergence Story</h2>
The combined market capitalization of America's Magnificent Seven—Nvidia Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>), Microsoft Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>), Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>), Amazon.com Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>), Alphabet Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>), Meta Platforms Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>), and Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>)—has now soared past $18.3 trillion.
<figure class="wp-block-table is-style-stripes"> 
<table class="has-fixed-layout">
<thead>
<tr>
<th>Top U.S. Tech Giants</th>
<th>Market Cap</th>
</tr>
</thead>
<tbody>
<tr>
<td>Nvidia</td>
<td>$4.08T</td>
</tr>
<tr>
<td>Microsoft</td>
<td>$3.74T</td>
</tr>
<tr>
<td>Apple</td>
<td>$3.15T</td>
</tr>
<tr>
<td>Amazon</td>
<td>$2.39T</td>
</tr>
<tr>
<td>Alphabet</td>
<td>$2.20T</td>
</tr>
<tr>
<td>Meta</td>
<td>$1.81T</td>
</tr>
<tr>
<td>Tesla</td>
<td>$995B</td>
</tr>
<tr>
<td>Total</td>
<td>$18.37T</td>
</tr>
</tbody>
</table>
</figure>
By contrast, the top seven companies in Europe—including SAP SE (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SAP#NYSE">SAP</a>), Novo Nordisk A/S (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NVO#NYSE">NVO</a>), ASML Holding N.V. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ASML#NASDAQ">ASML</a>), Hermès International SCA (OTCPK: HESAY), LVMH Moët Hennessy Louis Vuitton SE (OTCPK: LVMUY), Roche Holding AG (OTCPK: RHHBY), and Nestlé S.A. (OTCPK: NSRGY)—are worth just $2.1 trillion combined.
The gap is staggering. The U.S. tech giants are now worth over nine times as much as Europe's largest companies.
<figure class="wp-block-table is-style-stripes"> 
<table class="has-fixed-layout">
<thead>
<tr>
<th>Top EU Corporates</th>
<th>Market Cap</th>
</tr>
</thead>
<tbody>
<tr>
<td>SAP</td>
<td>$359B</td>
</tr>
<tr>
<td>Novo Nordisk</td>
<td>$317B</td>
</tr>
<tr>
<td>ASML</td>
<td>$314B</td>
</tr>
<tr>
<td>Hermès</td>
<td>$303B</td>
</tr>
<tr>
<td>LVMH</td>
<td>$295B</td>
</tr>
<tr>
<td>Roche</td>
<td>$265B</td>
</tr>
<tr>
<td>Nestlé</td>
<td>$252B</td>
</tr>
<tr>
<td>Total</td>
<td>$2.11T</td>
</tr>
</tbody>
</table>
</figure>
Over the past 20 years, the SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) – which tracks the S&amp;P 500 – has outperformed the SPDR DJ Euro STOXX 50 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FEZ#NYSE">FEZ</a>) by a staggering 244%.
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="525" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/07/11124301/image-139-1024x525.png" alt="" class="wp-image-982188" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/07/11124301/image-139-1024x525.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/07/11124301/image-139-300x154.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/07/11124301/image-139-768x394.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/07/11124301/image-139-1536x788.png 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/07/11124301/image-139-2048x1051.png 2048w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
"We've got this huge, strong market and our companies are big and successful, have huge kinds of scale that are global. You have that, but less and less," he said.
Dimon's comments add to growing concern across the continent. Last year, former European Central Bank chief Mario Draghi called for €800 billion per year in industrial investment to help Europe remain globally competitive.
Yet, despite repeated calls for reform, European stock markets continue to lag behind as U.S. firms dominate in scale, innovation and investor interest.
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Magnificent 7 Crush EU Giants—Jamie Dimon Tells Europe: 'You're Losing'

President Donald Trump&#8217;s threat to impose a sweeping 50% tariff on all European Union imports starting June 1 sparked a broad selloff across European markets Friday, triggering fears of a transatlantic trade war just as global <a href="https://www.benzinga.com/topic/tariffs">growth faces renewed pressure.</a>
In a post on Truth Social, Trump said the EU&#8217;s "powerful Trade Barriers, VAT Taxes, ridiculous Corporate Penalties, Non-Monetary Trade Barriers, Monetary Manipulations, unfair and unjustified lawsuits against American Companies" were to blame for an annual trade deficit exceeding $250 billion, which he called "totally unacceptable."
The proposed tariff would exempt goods manufactured in the United States, potentially creating sharp distortions for EU-based exporters and global supply chains.
<h3 class="wp-block-heading">European Benchmarks Tumble</h3>
The fallout was immediate in markets. The Euro STOXX 50 index – as closely tracked by the iShares MSCI Eurozone ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EZU#NYSE">EZU</a>) – dropped 3%, Italy's FTSE MIB sank 2.9%, France's CAC 40 lost 2.6% and Spain's IBEX 35 fell 2.2%. 
Germany's DAX, as tracked by the iShares MSCI Germany Index Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EWG#NYSE">EWG</a>), which is home to many export-heavy firms, slid 2.3%.
Financial stocks bore the brunt of the decline, with Deutsche Bank AG (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DB#NYSE">DB</a>) falling 6.1%, Société Générale SA (OTCPK: SCGLY) down 5.3% and Banco Bilbao Vizcaya Argentaria SA (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BBVA#NYSE">BBVA</a>) sliding 5%.
 Industrial and luxury exporters also came under heavy pressure, including Bayerische Motoren Werke AG (OTCPK: BMWYY), or BMW (−4.5%), UniCredit SpA (OTCPK: UNCRY) (−4.5%) and EssilorLuxottica SA (OTCPK: ESLOY) (−4.2%).
<h3 class="wp-block-heading">Export Exposure To US Trade Is Key</h3>
The tariff threat has placed a spotlight on European companies heavily reliant on U.S. revenues.
In Germany, Adidas AG (OTCPK: ADDYY) derives roughly a third of its revenue from the United States, while SAP SE (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SAP#NYSE">SAP</a>) generates about 40% of its turnover from North America. 
Chipmaker Infineon Technologies AG (OTCPK: IFNNY) is also significantly exposed due to its automotive and electronics customers.
French luxury and tech firms are equally at risk. LVMH Moët Hennessy Louis Vuitton SE (OTCPK: LVMUY) earns close to 25% of its revenue in the U.S., while Dassault Systèmes SE (OTCPK: DASTY) has a strong footprint in North American enterprise software. Hermès International SA (OTCPK: HESAY) pulls about 20-25% of its sales from the American market.
Italian brands like Ferrari NV (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RACE#NYSE">RACE</a>), with over 30% of sales from the U.S., and EssilorLuxottica SA (OTCPK: ESLOY), which owns Oakley and Ray-Ban, are also vulnerable. 
In the Netherlands, tech heavyweight ASML Holding NV (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ASML#NASDAQ">ASML</a>) earns about 20-25% of revenue from the U.S., and Koninklijke Philips NV (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PHG#NYSE">PHG</a>) maintains a major healthcare business across North America.
<h3 class="wp-block-heading">EU Retaliation Risk Grows For US Stocks</h3>
For U.S. corporations with heavy exposure to Europe—particularly in tech, autos, agriculture and aviation—the economic consequences could be significant if the European Union responds in kind.
The 2018 EU countermeasures to Trump&#8217;s steel tariffs included duties on motorcycles, bourbon and orange juice—strategic hits on U.S. swing-state exports.
EU officials may also revisit tech taxation disputes, where U.S. firms like Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>), Alphabet Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>) and Microsoft Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>) are already under regulatory scrutiny.
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Photo Courtesy: Joshua Sukoff On Shutterstock.com

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Trump Tariff Threat Hits Europe: Stocks Sink As 50% Duties Loom

Stocks in the United States are off to a choppy but positive start to the year, but the biggest story in markets so far in 2025 has been strength out of Europe.
Stock indices in England, France, and Germany have made new all-time highs in 2025, outpacing the modest gains from US stocks. The Vanguard FTSE Europe ETF is up more than 8% over the last three months, while the SPDR S&amp;P 500 ETF has traded flat.
Here&#8217;s how to get in on this rally.
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="415" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/02/26181506/image7-1024x415.png" alt="" class="wp-image-800481" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/02/26181506/image7-1024x415.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/02/26181506/image7-300x122.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/02/26181506/image7-768x311.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/02/26181506/image7.png 1318w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
The Stoxx 600 index, which covers markets across the bloc, made several new all-time highs in February, led by a surge from the defense sector. Is this finally the year that European stocks beat their American counterparts? With the United States threatening to pull back from Europe, these tailwinds may have more room to run, especially if the EU follows through on defense spending expansion.
Today we'll look at six European stocks that could continue outperforming in 2025. Some of these companies are available to US investors through American Depositary Receipts (ADRs) or on over-the-counter (OTC) exchanges, so be sure to understand how these assets and markets function before putting any capital to work.
<h2 class="wp-block-heading">Novo Nordisk A/S (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NVO#NYSE">NVO</a>)</h2>
Danish healthcare giant Novo Nordisk is responsible for Wegovy and Ozempic, two of the prescription GLP-1 medications taking the world by storm. Both are different forms of semaglutide, as Wegovy is FDA-approved for weight loss while Ozempic is only approved for Type 2 diabetes. Demand for these drugs has been so strong that shortages have been common, but the FDA recently announced that Wegovy and Ozempic are no longer on their shortage list.
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="416" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/02/26181516/image1-1024x416.png" alt="" class="wp-image-800482" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/02/26181516/image1-1024x416.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/02/26181516/image1-300x122.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/02/26181516/image1-768x312.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/02/26181516/image1.png 1316w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
Novo Nordisk suffered a lost year in 2024 during the shortage, losing ground to Eli Lilly's Mounjaro and Zepbound. However, the company is still the top player in the GLP-1 space and posted solid revenue (8.1%) and earnings (9.6%) growth in the most recent report for Q4 2024.
The company's margins are also the envy of European drug makers: 34.8% gross, far outpacing EU competitors AstraZeneca (13%) and Roche (17.5%). NVO also sits on a formidable $9.8 billion cash pile. NVO shares have been choppy since the start of 2025, but the company issued strong guidance and is well-positioned to rebound after a rough 2024.
<h2 class="wp-block-heading">Unilever PLC (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UL#NYSE">UL</a>)</h2>
Unilever is a global consumer and household products company that markets itself under popular brands such as Ben and Jerry's, Axe, Dove, Breyers, Vaseline, and many more. The firm has offices in over 80 countries, but its headquarters has been in London for more than 100 years.
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="417" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/02/26181610/image6-1024x417.png" alt="" class="wp-image-800488" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/02/26181610/image6-1024x417.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/02/26181610/image6-300x122.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/02/26181610/image6-768x313.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/02/26181610/image6.png 1310w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
Uncertainty is beginning to weigh on investors as US consumer discretionary stocks have been tumbling for most of February while consumer staples surge higher. There's some evidence that businesses and consumers have been pulling forward demand on tariff threats, which could further boost the staples sector if big-ticket items have been already purchased and consumers focus on necessities over luxuries.
UL has a strong cash position and healthy margins to take advantage of this trend; it's also cheaper in terms of forward price-to-earnings and price-to-sales rates than American counterparts like Proctor and Gamble, Kimberly-Clark, and Colgate-Palmolive.
<h2 class="wp-block-heading">Airbus SE (OTC:<a class="ticker" href="https://www.benzinga.com/stock/EADSY#OTC">EADSY</a>)</h2>
Now, on to the defense contractors, who have been leading the European rally due to expectations that EU governments will ramp up defense spending to counter the growing influence of China and Russia in the East. Companies like Rheinmetall AG have stolen the headlines with substantial early 2025 gains, but Airbus might be the best buy of the group going forward.Now, on to the defense contractors, who have been leading the European rally due to expectations that EU governments will ramp up defense spending to counter the growing influence of China and Russia in the East. Companies like Rheinmetall AG have stolen the headlines with substantial early 2025 gains, but Airbus might be the best buy of the group going forward.
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="417" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/02/26181602/image5-1024x417.png" alt="" class="wp-image-800487" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/02/26181602/image5-1024x417.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/02/26181602/image5-300x122.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/02/26181602/image5-768x313.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/02/26181602/image5.png 1310w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
Airbus is under the European Aeronautic Defense and Space Co. (EADS) umbrella and has a market cap of $139 billion, nearly $33 billion more than its closest competitor, Safran SA. Airbus has a cheaper valuation than Safran or Rheinmetall and a healthier free cash flow pile ($3.9 billion). Airbus might not be lagging in the European defense sector for much longer.
<h2 class="wp-block-heading">BNP Paribas SA (OTC:<a class="ticker" href="https://www.benzinga.com/stock/BNPQY#OTC">BNPQY</a>)</h2>
BNP Paribas is a French bank and component of the CAC40, the country&#8217;s primary stock index. With a market value of over $80 billion, it is double the size of other European banking competitors like Societe Generale and Deutsche Bank.
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="417" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/02/26181526/image2-1024x417.png" alt="" class="wp-image-800483" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/02/26181526/image2-1024x417.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/02/26181526/image2-300x122.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/02/26181526/image2-768x313.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/02/26181526/image2.png 1310w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
BNP Paribas is attractive for several reasons, none more so than the 7.03 forward P/E ratio and 1.22 P/S ratio. Many European banks have extremely affordable valuations, but BNP offers the security of a large-cap with the upside of a smaller company. Plus, the 5% dividend yield is a nice bonus for investors.
<h2 class="wp-block-heading">Hermes International ADR (OTC:<a class="ticker" href="https://www.benzinga.com/stock/HESAY#OTC">HESAY</a>)</h2>
If one luxury brand can survive a consumer slowdown, it might be Hermes International, the high-end French brand with a nearly $300 billion market cap and some of the most desirable handbags in the world. In addition to handbags, Hermes sells clothing for men and women, equestrian products like saddles and bridles, jewelry, perfumes, watches, and tableware.
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="417" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/02/26181535/image3-1024x417.png" alt="" class="wp-image-800484" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/02/26181535/image3-1024x417.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/02/26181535/image3-300x122.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/02/26181535/image3-768x313.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/02/26181535/image3.png 1310w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
Hermes has a pricey valuation compared to European competitors like Louis Vuitton, Prada, and Burberry, but the free cash pile is large ($5.38 billion) and the 30% profit margin dwarfs them all. The stock is up more than 38% in the last three months alone, but the fundamentals are strong, and the stock is comfortably above its 50-day and 200-day moving averages with a Relative Strength Index (RSI) reading of 55.
<h2 class="wp-block-heading">ABB Ltd. (OTC:<a class="ticker" href="https://www.benzinga.com/stock/ABBNY#OTC">ABBNY</a>)</h2>
ABB Ltd. is a multinational robotics and automation solutions company incorporated in Switzerland and Sweden. The company has several divisions of interest to the defense and aeronautics sector, such as Electrification, Process Automation, and Robotics and Discrete Automation. The stock has a market cap of just under $102 billion and pays a 1.7% dividend yield.
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="414" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/02/26181543/image4-1024x414.png" alt="" class="wp-image-800485" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/02/26181543/image4-1024x414.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/02/26181543/image4-300x121.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/02/26181543/image4-768x311.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/02/26181543/image4.png 1305w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
ABB Ltd. currently sits on a $4.2 billion cash pile and a forward P/E ratio of 22.6, with a profit margin of 11.9%. The stock has been range-bound since spring 2024 and recently dipped down to its 50-day moving average. If the 50-day proves to be a support level, the next leg higher for ABBNY shares could be right around the corner.

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6 Stocks to Buy as European Markets Soar

The <a href="https://europeancapitalinsights.substack.com/p/us-dollar-drops-on-report-of-trump?r=3nmatg" target="_blank" rel="noreferrer noopener nofollow">US dollar has had a volatile start </a>to the week, sparked by a report that President-elect Donald Trump's tariff plan may shift. 
The US dollar index fell 0.8% to 108.1 on Monday, then pared losses after Trump denied a Washington Post <a href="https://www.washingtonpost.com/business/2025/01/06/trump-tariff-economy-trade/" target="_blank" rel="noreferrer noopener nofollow">report</a>. The newspaper <a href="https://www.washingtonpost.com/business/2025/01/06/trump-tariff-economy-trade/" target="_blank" rel="noreferrer noopener">reported </a>that Trump may scale back his plans for widespread tariffs when he returns to the White House on January 20.
<img loading="lazy" decoding="async" width="624" height="432" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXd_RGvHuitxxEnhHBiJrmZ-kncDNXMvANjtEtMWQDLP3OfXPKdyryWrQ7eDEc-MlPxPSvrEiO9wxwvjUaA-3i_ErL0ctVqYGChWPYYM5ge_Y3G2Ec3YEVRcEdH5BEeCib4Oxc0SkQ?key=8BnLmCWTfgOqaBXXQhelQTxZ" />
US Dollar Index, Monday, January 6 Session, Source: <a href="https://tradingeconomics.com/united-states/currency">Trading Economics</a>
Citing people familiar with the matter, the newspaper reported that Trump's aides are exploring tariff plans that would be applied to every country but only cover critical imports. This would mark a significant shift from his presidential campaign plans.
Trump, though, denied the newspaper's reporting on <a href="https://truthsocial.com/@realDonaldTrump#:~:text=The%20story%20in%20the%20Washington%20Post%2C%20quoting%20so%2Dcalled%20anonymous%20sources%2C%20which%20don%27t%20exist%2C%20incorrectly%20states%20that%20my%20tariff%20policy%20will%20be%20pared%20back.%20That%20is%20wrong.%20The%20Washington%20Post%20knows%20it%27s%20wrong.%20It%27s%20just%20another%20example%20of%20Fake%20News" target="_blank" rel="noreferrer noopener">Truth Social</a>. 
"The story in the Washington Post, quoting so-called anonymous sources, which don&#8217;t exist, incorrectly states that my tariff policy will be pared back," he wrote on his social media platform. "The Washington Post knows it&#8217;s wrong. It&#8217;s just another example of Fake News."&nbsp;&nbsp;
<h2 class="wp-block-heading">US Dollar Reacts to Trump Tariff Plans</h2>
The reporting fueled uncertainty about one of Trump's key policy proposals. In response, the dollar declined sharply against most major currencies.
The Bloomberg Dollar Spot Index (BBDXY), which measures the value of the US dollar relative to other major global currencies, ended the session 0.6% lower on Monday. After the publication of the Washington Post article, the index lost 1%, marking the largest <a href="https://www.bloomberg.com/news/articles/2025-01-06/dollar-falls-most-in-two-months-on-report-trump-to-limit-tariffs" target="_blank" rel="noreferrer noopener">intraday drop since 2023</a>. 
Meanwhile, <a href="https://www.bloomberg.com/news/articles/2025-01-06/dollar-falls-most-in-two-months-on-report-trump-to-limit-tariffs" target="_blank" rel="noreferrer noopener">the euro gained 1.3%</a> the same day against the US dollar (EUR/USD), the common currency's largest intraday gain in 14 months. The British pound (GBP/USD rose as much as 1%.
<figure class="wp-block-image"><img loading="lazy" decoding="async" width="1200" height="832" src="https://contributor-assets.benzinga.com/wp-content/uploads/2025/01/09171618/image-2.png" alt="" class="wp-image-4571" srcset="https://contributor-assets.benzinga.com/wp-content/uploads/2025/01/09171618/image-2.png 1200w,https://contributor-assets.benzinga.com/wp-content/uploads/2025/01/09171618/image-2-300x208.png 300w,https://contributor-assets.benzinga.com/wp-content/uploads/2025/01/09171618/image-2-1024x710.png 1024w,https://contributor-assets.benzinga.com/wp-content/uploads/2025/01/09171618/image-2-768x532.png 768w" sizes="(max-width: 1200px) 100vw, 1200px" /></figure>
US Dollar Index vs. EURUSD vs. GBPUSD, Monday, January 6 Session, Source: <a href="https://tradingeconomics.com/united-states/currency">Trading Economics</a>
The initial loss in the dollar was "an outsized reaction to an unverified report, but it does show the direction of travel,"Kathleen Brooks, the director of research at XTB, told Bloomberg. "We've had a large buildup of dollar longs and they are at risk of a turnaround."
<h2 class="wp-block-heading">Trump Tariff Plans Go Back to 2024</h2>
During his 2024 presidential campaign, Trump vowed to<a href="https://www.piie.com/blogs/realtime-economics/2024/no-trade-tax-free-trumps-promised-tariffs-will-hit-large-flows" target="_blank" rel="noreferrer noopener"> impose 10-20% tariffs</a> on all imported goods, with tariffs as high as 60% on Chinese products. After his election win in November, he threatened to impose additional tariffs of 10% on Chinese goods and 25% on all imports from Mexico and Canada.
With Trump's aim to raise US revenues, he will likely go ahead with some of his tariff plans. He may threaten to use them until he gains the upper hand in trade negotiations.
"Members of Congress are getting to work on one powerful Bill that will bring our Country back," Trump said. "It will all be made up with tariffs, and much more, from countries that have taken advantage of the US."&nbsp;&nbsp;
A Bloomberg Economics <a href="https://www.bloomberg.com/news/articles/2025-01-06/trump-keeps-keeps-his-negotiating-powder-dry-with-tariff-turmoil" target="_blank" rel="noreferrer noopener nofollow">study</a> suggests that higher tariffs could lead to increased inflation and a decline in US GDP. By 2028, US GDP could shrink by 0.8% if only China retaliates. If other countries impose tariffs, US economic growth could slow to 1.3%. 
Trump&#8217;s tariff could hurt global economic growth and drive up consumer prices, particularly if other governments retaliate.
<figure class="wp-block-image"><img loading="lazy" decoding="async" width="768" height="791" src="https://contributor-assets.benzinga.com/wp-content/uploads/2025/01/09171617/image.png" alt="" class="wp-image-4569" srcset="https://contributor-assets.benzinga.com/wp-content/uploads/2025/01/09171617/image.png 768w,https://contributor-assets.benzinga.com/wp-content/uploads/2025/01/09171617/image-291x300.png 291w" sizes="(max-width: 768px) 100vw, 768px" /></figure>
Trump's Tariff Increases to Impact Poorest Americans, Source: <a href="https://itep.org/trump-tariffs-tax-increase-impact/">ITEP</a>
<h2 class="wp-block-heading">Trump Tariff Plans Target Critical Sectors</h2>
The dollar had strengthened amid expectations that Trump will impose tariffs on the US&#8217;s major trading partners. This <a href="https://europeancapitalinsights.substack.com/p/dovish-ecb-drives-7-eurusd-drop-in?r=3nmatg" target="_blank" rel="noreferrer noopener">put pressure</a> on other currencies. 
However, the dollar could weaken from a tariff program focused solely on sectors deemed critical to national or economic security. This would have a lesser effect on the global economy and US inflation than a broader tariff approach.
According to The Washington Post, it remains unclear which imports or industries might be targeted by tariffs. However, preliminary discussions have centered on sectors considered vital to national or economic security.&nbsp;
These could include the defense industrial supply chain, critical medical supplies, and energy production.
<figure class="wp-block-image"><img loading="lazy" decoding="async" width="1200" height="768" src="https://contributor-assets.benzinga.com/wp-content/uploads/2025/01/09171618/image-1.png" alt="" class="wp-image-4570" srcset="https://contributor-assets.benzinga.com/wp-content/uploads/2025/01/09171618/image-1.png 1200w,https://contributor-assets.benzinga.com/wp-content/uploads/2025/01/09171618/image-1-300x192.png 300w,https://contributor-assets.benzinga.com/wp-content/uploads/2025/01/09171618/image-1-1024x655.png 1024w,https://contributor-assets.benzinga.com/wp-content/uploads/2025/01/09171618/image-1-768x492.png 768w" sizes="(max-width: 1200px) 100vw, 1200px" /></figure>
Critical Sector Tariffs Forecast to Weigh on Dollar, Source: <a href="https://www.corpay.com/resources/market-analysis/market-brief-potential-dilution-in-trump-tariff-plans-pummels-dollar">Corpay</a>
The uncertainty of Trump tariffs and whether his administration will target Europe's auto sector led to a near 3% surge in the Euro Stoxx Automobiles &amp; Parts <a href="https://stoxx.com/index/sxagt/">index</a>. Europe&#8217;s <a href="https://stoxx.com/index/sxxp/">STOXX 600</a> closed 0.9% higher alongside France&#8217;s <a href="https://www.marketwatch.com/investing/index/px1?countrycode=fr">CAC 40</a>, up 2.2%, and Germany&#8217;s <a href="https://stoxx.com/index/dax/">DAX</a> up 1.5%.
Some of Europe's major luxury brands also gained from the optimism of more selective tariffs. LVMH (OTC:<a class="ticker" href="https://www.benzinga.com/stock/LVMUY#OTC">LVMUY</a>), Hermes (OTC:<a class="ticker" href="https://www.benzinga.com/stock/HESAY#OTC">HESAY</a>), and Kering (OTC:<a class="ticker" href="https://www.benzinga.com/stock/PPRUY#OTC">PPRUY</a>) all rose over 2%.
European markets overall closed higher on January 6, driven by investor optimism that US tariffs might be less severe than initially feared. However, speculation surrounding the incoming administration&#8217;s agenda will likely be accompanied by heightened market volatility.
Disclaimer:
Any opinions expressed in this article are not to be considered investment advice and are solely those of the authors. European Capital Insights is not responsible for any financial decisions made based on the contents of this article. Readers may use this article for information and educational purposes only.
This article is from an unpaid external contributor. It does not represent Benzinga&#8217;s reporting and has not been edited for content&nbsp;or&nbsp;accuracy.

PPRUY

US Dollar Drops on Report of Trump Tariff Plan Shift

The luxury market is at a critical turning point, with a clear divide emerging between legacy brands and aspirational players, according to Maurits Pot, <a href="https://www.benzinga.com/general/biotech/24/07/39656549/exclusive-glp-1-weight-loss-drugs-could-become-a-trillion-dollar-market-predicts-tema-etfs-ceo">CEO of Tema ETFs</a>.
In an exclusive interview with Benzinga, Pot emphasized that high-end brands like Hermès International SA (OTCPK: HESAY) and Ferrari N.V. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RACE#NYSE">RACE</a>) — supported by loyal, affluent clients — are set to outperform, while more aspirational names such as LVMH-Moët Hennessy Louis Vuitton (OTCPK: LVMUY) and Burberry Group plc (OTCPK: BURBY) face greater vulnerability due to shifting consumer behavior and economic slowdowns in key markets like China and Europe.
&#8220;Luxury is going for a turnaround, and we're seeing a greater differentiation between true luxury and aspirational brands,&#8221; Pot said. 
With a number of companies underperforming — particularly LVMH, which recently reported disappointing results — Pot highlighted that these outcomes aren&#8217;t surprising given macroeconomic headwinds.
Pot stressed that investors should now focus on a clear divide between high-end brands and those catering to more discretionary spending.
<h3 class="wp-block-heading">China&#8217;s Stimulus Won't Save Luxury Outlook</h3>
When discussing the impact of Chinese fiscal stimulus, Pot expressed skepticism. He indicated that while there was initial excitement around potential boosts for the market, the real beneficiaries of government spending are likely to be industries more central to China&#8217;s economic priorities.
&#8220;I think the luxury sector got a premature boost from the China stimulus,&#8221; Pot said, &#8220;but ultimately not a boost that is really warranted.&#8221; 
He stressed that the Chinese government will likely prioritize domestic consumption over high-end international luxury, raising doubts about a meaningful rebound in Chinese-driven demand.
<h3 class="wp-block-heading">India: The Next Growth Driver For Luxury?</h3>
Another pressing topic was whether India could fill the gap left by slowing Chinese demand. Pot hinted that India's emerging middle class and growing economic power could be the next growth story.
&#8220;As China slows, does Indian luxury demand replace waning Chinese demand? That's a key question for 2025,&#8221; Pot added, pointing to India&#8217;s growing presence in the luxury space, with brands like Dior investing heavily in the market.
&#8220;2024 will likely be a tough year for the luxury sector,&#8221; Pot stated, &#8220;but I think there&#8217;s reason to believe that 2025 could look better, especially if India continues to emerge as a key luxury market,&#8221; he added.
<h3 class="wp-block-heading">Tariffs And The U.S. Election: Potential Impacts On Luxury</h3>
Looking ahead to the U.S. elections, Pot shared his thoughts on tariffs and their potential impact on luxury. While tariffs haven't directly targeted luxury goods yet, he noted the possibility of indirect consequences, especially for industrial goods like cars. 
&#8220;I think tariffs are going to focus on industrial output before consumer goods, but luxury could get caught up in it eventually,&#8221; he added.
<h3 class="wp-block-heading">Holding Cash For Dip-Buying Opportunities</h3>
Pot also shared insights into how Tema Luxury ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LUX#NYSE">LUX</a>) is positioned to weather the luxury sector shifts. 
&#8220;Nearly 20% of the portfolio is in cash,&#8221; he revealed, explaining that the fund remains cautious, particularly toward discretionary luxury, which has been hit harder than high-end, timeless brands like Ferrari, Hermès, and Compagnie Financiere Richemont SA (OTCPK: CFRUY). 
&#8220;We&#8217;re overweight on really high-end luxury, and underweight on more discretionary luxury,&#8221; he said.
Now Read: 
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<li><a href="https://www.benzinga.com/economics/macro-economic-events/24/10/41386234/strong-september-retail-sales-put-feds-next-move-in-doubt-interest-rate-cuts-are-">Strong September Retail Sales Put Fed&#8217;s Next Move In Doubt: Interest Rate Cuts Are &#8216;Not A Slam Dunk&#8217;</a></li>
</ul>
Image: Shutterstock

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BURBY

CFRUY

EXCLUSIVE: Luxury Is 'Going For A Critical Turnaround,' Tema ETF CEO Says

Gains in European equities may falter on geopolitical and economic fears after receiving a boost from China's stimulus plans and slowing inflation.
The Euro Area Stoxx 600 gained 2.69% in the week ending September 27 to a record, extending its year-to-date climb to 10.1%. Germany's DAX40 closed the week at a record level, gaining 4% after increasing 1.22% on Friday.
<figure class="wp-block-image size-full is-resized"><img loading="lazy" decoding="async" width="613" height="402" src="https://contributor-assets.benzinga.com/wp-content/uploads/2024/09/28154001/Image-1-Sept.-28.png" alt="" class="wp-image-1608" style="width:624px" srcset="https://contributor-assets.benzinga.com/wp-content/uploads/2024/09/28154001/Image-1-Sept.-28.png 613w,https://contributor-assets.benzinga.com/wp-content/uploads/2024/09/28154001/Image-1-Sept.-28-300x197.png 300w" sizes="(max-width: 613px) 100vw, 613px" /></figure>
Source: <a href="https://tradingeconomics.com/germany/stock-market">TradingEconomics</a>
Slow economic growth, volatile natural gas prices, and inflation have hurt European economic sentiment. GDP is projected to end 2024 at <a href="https://www.ecb.europa.eu/press/projections/html/ecb.projections202409_ecbstaff~9c88364c57.en.html#:~:text=Overall%2C%20annual%20average%20real%20GDP,year%20of%20the%20projection%20horizon.">0.8%</a>.
Geopolitical developments, including the war in Ukraine and the upcoming U.S. elections, have curbed European stock optimism.&nbsp;European policymakers have expressed concerns about issues from climate change, security and trade if Trump wins a second term.
Fears about a wider Middle East war escalated after Israel <a href="https://www.nytimes.com/live/2024/world/israel-lebanon-hezbollah-hamas">killed</a> Hezbollah's leader Hassan Nasrallah in airstrikes Friday in Beirut.&nbsp;
The EU &#8220;is extremely concerned&#8221; about the confrontation between Israel and Hezbollah,&#8221; Josep Borrell, EU&#8217;s High Representative for Foreign Affairs and Security Policy, <a href="https://www.consilium.europa.eu/en/press/press-releases/">said</a>. 
&#8220;Any further escalation would have dramatic consequences for the region and beyond.&#8221;&nbsp;
<h3 class="wp-block-heading">European Investors Welcome China's ‘Stimulus Blitz</h3>
Despite the ongoing headwinds, investors welcomed the People's Bank of China (PBOC) "<a href="https://www.home.saxo/en-mena/content/articles/macro/chinas-bold-stimulus-measures-what-it-means-for-markets-25092024">stimulus blitz</a>"&nbsp; to tackle the country's economic headwinds.&nbsp;
China announced&nbsp; "a series of bold moves aimed at stabilizing both the economy and the stock market,"&nbsp; Charu Chanana, Head of FX Strategy at Saxo, <a href="https://www.home.saxo/en-mena/insights/news-and-research/authors/charu-chanana">wrote</a> on September 25<a href="https://www.home.saxo/en-mena/insights/news-and-research/authors/charu-chanana">.</a>
The <a href="http://www.pbc.gov.cn/en/3688110/3688172/5188125/5469326/index.html">package included</a> a 50-basis-point cut to banks' required reserve ratios (RRR) and a 20-basis-point cut to the seven-day reverse repurchase rate.&nbsp;&nbsp;&nbsp;
The PBOC announced a 500 billion yuan ($71.3 billion) liquidity support for stock buybacks.
<h3 class="wp-block-heading">European Fashion, Automobile Stocks See Most Gains</h3>
Although European equities rose immediately on the PBOC news, fashion and automobile stocks climbed the most.
France's LVMH (OTC:<a class="ticker" href="https://www.benzinga.com/stock/LVMHF#OTC">LVMHF</a>) jumped 19.2% ,and Hermes (OTC:<a class="ticker" href="https://www.benzinga.com/stock/HESAY#OTC">HESAY</a>) rose 16.5% for the week. 
German automobile makers also clocked gains. Volkswagen (OTC:<a class="ticker" href="https://www.benzinga.com/stock/VWAGY#OTC">VWAGY</a>) rose by 7%, Mercedes-Benz Group (OTC:<a class="ticker" href="https://www.benzinga.com/stock/MBGAF#OTC">MBGAF</a>) by 6.55 and BMW (OTC:<a class="ticker" href="https://www.benzinga.com/stock/BMWYY#OTC">BMWYY</a>) by 6.6%.
Germany's automobile index rose 8.70% for the week.
<figure class="wp-block-image size-full is-resized"><img loading="lazy" decoding="async" width="565" height="252" src="https://contributor-assets.benzinga.com/wp-content/uploads/2024/09/28154104/Image-2-2024-09-28-180054.png" alt="" class="wp-image-1609" style="width:624px" srcset="https://contributor-assets.benzinga.com/wp-content/uploads/2024/09/28154104/Image-2-2024-09-28-180054.png 565w,https://contributor-assets.benzinga.com/wp-content/uploads/2024/09/28154104/Image-2-2024-09-28-180054-300x134.png 300w" sizes="(max-width: 565px) 100vw, 565px" /></figure>
Source: <a href="https://www.boerse-frankfurt.de/indices/daxsector-all-automobile-performance">Boerse-Frankfurt</a>
European companies operating in <a href="https://europeancapitalinsights.substack.com/p/european-luxury-brands-feel-pinch">China have worried</a> that the slowdown in the world&#8217;s second-largest economy may hurt profitability.
The Chinese economy grew 4.7% in the second quarter from April to June. This is the slowest pace since the first quarter of 2023 and below forecasts of 5% to 5.3%.
<figure class="wp-block-image size-full is-resized"><img loading="lazy" decoding="async" width="742" height="399" src="https://contributor-assets.benzinga.com/wp-content/uploads/2024/09/28154155/Image-3-2024-09-28-180124.png" alt="" class="wp-image-1610" style="width:624px" srcset="https://contributor-assets.benzinga.com/wp-content/uploads/2024/09/28154155/Image-3-2024-09-28-180124.png 742w,https://contributor-assets.benzinga.com/wp-content/uploads/2024/09/28154155/Image-3-2024-09-28-180124-300x161.png 300w" sizes="(max-width: 742px) 100vw, 742px" /></figure>
Source: <a href="https://www.statista.com/statistics/1102691/china-estimated-coronavirus-covid-19-impact-on-gdp-growth/">Statista</a>

The stimulus package "can help to repair some of the confidence levels in the economy and policymakers," Chanana wrote.
<h3 class="wp-block-heading">European Equities Helped by Inflation Data</h3>
European equities received an added boost this week from inflation data.&nbsp;
German preliminary data showed inflation slowing to1.6% in September, compared to 1.9% in August, the country&#8217;s Federal Statistical Office <a href="https://www.destatis.de/EN/Home/_node.html">said </a>on Monday. France and Spain reported on September 27 that inflation <a href="https://europeancapitalinsights.substack.com/publish/posts/detail/149487004?referrer=%2Fpublish%2Fposts">slowed below 2%</a>, beating analysts expectations.
Investors now give the European Central Bank (ECB) a 70% chance of cutting rates<a href="https://www.euronews.com/business/2024/09/27/french-and-spanish-inflation-dips-below-2-fueling-rate-cuts-hopes"> next month</a>.
<figure class="wp-block-image size-full is-resized"><img loading="lazy" decoding="async" width="596" height="412" src="https://contributor-assets.benzinga.com/wp-content/uploads/2024/09/28154255/Image-4-2024-09-28-180157.png" alt="" class="wp-image-1611" style="width:624px" srcset="https://contributor-assets.benzinga.com/wp-content/uploads/2024/09/28154255/Image-4-2024-09-28-180157.png 596w,https://contributor-assets.benzinga.com/wp-content/uploads/2024/09/28154255/Image-4-2024-09-28-180157-300x207.png 300w" sizes="(max-width: 596px) 100vw, 596px" /></figure>
Source: <a href="https://tradingeconomics.com/france/inflation-cpi#">Tradingeconomics</a>
Although the latest economic data has buoyed confidence, some investors have expressed caution.
Data is "looking quite shaky," Anwiti Bahuguna, Northern Trust Asset Management&#8217;s chief investment officer of global allocation, told<a href="https://www.bnnbloomberg.ca/business/international/2024/09/28/goldman-blackrock-warn-europes-stock-rally-faces-tough-hurdles/"> </a>Bloomberg TV.&nbsp;
"Inflation is coming down, but not fast enough to think there would be very sharp relief on the rates front."
<h3 class="wp-block-heading">European Consumer Sentiment Improves</h3>
Despite these concerns, European consumer sentiment has started to improve. It rose 0.5 points in the Euro Area in September to -12.9, which was in line with <a href="https://tradingeconomics.com/euro-area/consumer-confidence">preliminary estimates</a>.&nbsp;
"Consumers were markedly more optimistic about their households' expected financial situation," the European Commission <a href="https://economy-finance.ec.europa.eu/document/download/8bdf8526-c9cf-4163-a2ef-88481f6430ab_en?filename=bcs_2024_09_en_0.pdf">said</a> on September 27.&nbsp;
In <a href="https://www.gfk.com/press/moderate-recovery-in-consumer-climate">Germany</a>, France and Italy, Europe's three largest economies, consumer confidence rose moderately, according to monthly surveys.
However, the Nuremberg Institute for Market Decisions (NIM) warned on September 26 that it was too early to conclude German consumer confidence had improved.
The improvement in Germany "can be interpreted more as a stabilization at a low level," Rolf Bürkl, an expert at NIM, said.&nbsp;
"The slight increase cannot be interpreted as the beginning of a noticeable recovery."

Disclaimer:
Any opinions expressed in this article are not to be considered investment advice and are solely those of the authors. European Capital Insights is not responsible for any financial decisions made based on the contents of this article. Readers may use this article for information and educational purposes only.
This article is from an unpaid external contributor. It does not represent Benzinga's reporting and has not been edited for content or accuracy.

Markets

General

LVMHF

MERCEDES BENZ GROUP AG by Mercedes Benz Group AG

MBGAF

VWAGY

European Stock Gains May Falter On Geopolitical, Economic Fears

Travel, especially abroad, has historically been a luxury for most Americans. Despite a <a href="https://www.benzinga.com/news/econ-s/24/07/39649271/us-close-to-recession-warning-as-june-jobs-report-shows-rising-unemployment">tightening labor market</a> and <a href="https://www.benzinga.com/real-estate/24/06/39274689/amid-rising-costs-financial-strain-becomes-americas-chief-anxiety">uncertain economic conditions</a>, the number of households traveling abroad has soared nearly 30% as <a href="https://www.benzinga.com/top-stories/24/06/39511199/households-have-accrued-substantial-wealth-since-2019-contrary-to-popular-narratives-goldman-sachs">households build wealth</a>.
The number predictably fell in 2020 and 2021 during the COVID-19 pandemic but has increased in each of the past three years.
The Data: A post on X relayed <a href="https://x.com/MikeZaccardi/status/1811377036344061972">data</a> from Bank of America.
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
<div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">The number of households travelling abroad has increased in the past two years, and, as of June, is nearly 30% higher than 2019 levels <a href="https://t.co/zhhq8DeQRo">pic.twitter.com/zhhq8DeQRo</a>
&mdash; Mike Zaccardi, CFA, CMT &#x1f356; (@MikeZaccardi) <a href="https://twitter.com/MikeZaccardi/status/1811377036344061972?ref_src=twsrc%5Etfw">July 11, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
Meanwhile, spending on luxuries abroad has seen similar increases since 2019, <a href="https://x.com/MikeZaccardi/status/1811377159027462597">according</a> to Bank of America.
Why It&#8217;s Important: Amid a period of inflation, households have become price-sensitive in some areas and <a href="https://www.benzinga.com/markets/asia/24/06/39532768/e-commerces-ascent-stalls-as-one-sub-segment-grows-by-over-100-report">willing to spend</a> in others. Consumers have gravitated toward luxury or bargains, with less spending on items or experiences in between.
Meanwhile, flying is as popular as ever. More than <a href="https://www.benzinga.com/markets/equities/24/07/39693321/delta-earnings-on-deck-after-tsa-screens-record-3m-passengers-analyst-says-airline-has-insulatio">3 million passengers</a> were screened at U.S. TSA checkpoints on Sunday, July 7, a new record.&nbsp;
Market Implications: Long-term changes in consumer behavior stand to impact companies in various industries, most notably airlines and luxury goods.
Airlines have struggled since the pandemic, not so much with filling seats but with margin contraction and declining profitability. Delta Air Lines, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DAL#NYSE">DAL</a>) shares sunk on Thursday after beating revenue estimates but missing on earnings. 
Delta&#8217;s luxury status seems to have insulated it better from industry trends better than competitors United Airlines Holdings Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/UAL#NASDAQ">UAL</a>) and American Airlines Group Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAL#NASDAQ">AAL</a>).
Online travel agency Booking Holdings Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BKNG#NASDAQ">BKNG</a>) is a stand-out name for its stock performance — up more than 100% — since 2019.
LVMH Moët Hennessy Louis Vuitton (OTC:<a class="ticker" href="https://www.benzinga.com/stock/LVMUY#OTC">LVMUY</a>) and Hermes Intl S A Unsponsored France ADR (OTC:<a class="ticker" href="https://www.benzinga.com/stock/HESAY#OTC">HESAY</a>) have benefited from increases in American travel to Europe. Ralph Lauren Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RL#NYSE">RL</a>) has been a standout performer in 2024, up over 25%.
Also Read:
<ul>
<li><a href="https://www.benzinga.com/economics/macro-economic-events/24/07/39728268/inflation-slows-more-expected-to-3-in-june-heightens-expectations-for-rate-cuts-t">Inflation Slows More Expected To 3% In June, Heightens Expectations For Rate Cuts: Treasury Yields Tumble</a></li>
</ul>

Photo: Shutterstock

Travel

Global

BKNG

Households Traveling Abroad Jump Nearly 30% Since 2019: What It Means For Airline, Foreign Luxury Stocks

China&#8217;s recent release of mixed economic data is weighing on U.S.-listed Chinese equities and sectors strongly linked to <a href="https://www.benzinga.com/topic/china">Chinese growth on Monday. </a>
China&#8217;s economy grew 6.3% YoY in Q2 2023, missing the market&#8217;s projected 7.3% rise. This marks a jump from Q1&#8217;s 4.5% increase.
June 2023 saw industrial production up 4.4% YoY, exceeding the estimated 2.7% boost. Conversely, retail sales grew only 3.1% YoY, its weakest performance since last December, falling short of the 3.2% forecast.
Also Read: <a href="https://www.benzinga.com/news/23/07/33209031/fbi-director-warns-xi-jinpings-communist-cells-influencing-us-companies-in-china-to-advance-ccps-int">FBI Director Warns Xi Jinping&#8217;s &#8216;Communist Cells&#8217; Influencing US Companies In China To Advance CCP&#8217;s Interests</a>
<h2 class="wp-block-heading">Market Reactions: Chinese ADRs, Commodities, Luxury Stocks In Focus</h2>
Commodities and Asian equities were the first assets affected by the data, followed by European luxury stocks and, then, U.S.-listed Chinese stocks.
Copper, a commodity that is extremely susceptible to the country&#8217;s growth momentum, fell 2.2% on the day, its worst session since May 10. Gold and silver, two precious metals, fell 0.1% and 0.5%, respectively, following a robust week of gains.
Tencent Music Entertainment Group (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TME#NYSE">TME</a>) was the weakest link among Chinese ADRs, falling 5%. PDD Holdings (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PDD#NASDAQ">PDD</a>) followed with a 3% decline, according to <a href="https://pro.benzinga.com/dashboard">Benzinga Pro data</a>. However, Alibaba Group Holding Ltd. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BABA#NYSE">BABA</a>) and JD.com, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JD#NYSE">JD</a>) managed to limit their losses, with 1.6% and 0.8% declines, respectively.
In the European luxury sector, companies including Hermès International Société (OTCPK: HESAY), and LVMH Moet Hennessy (OTCPK: LVMHF) experienced significant downward pressures, with declines exceeding 3%. The Swiss Compagnie Financière Richemont SA (OTCPK: CFRUY), announced lower-than-expected organic revenue growth in the first quarter, contributing to the stock&#8217;s 9% drop.
In the materials and mining sector, Vale S.A. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VALE#NYSE">VALE</a>), Rio Tinto Plc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RIO#NYSE">RIO</a>), Southern Copper Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SCCO#NYSE">SCCO</a>), and Freeport-McMoran Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FCX#NYSE">FCX</a>) all suffered 2% to 2.7% drops.
Read now: <a href="https://www.benzinga.com/general/entertainment/23/07/33238736/janet-yellens-beijing-visit-triggers-wild-mushroom-craze-in-china">Janet Yellen&#8217;s Beijing Visit Triggers Wild Mushroom Craze In China</a>
Photo: Shutterstock

Emerging Markets

Commodities

BABA

Citigourp Global Markets 2% Protected Notes Linked To The Djia

SCCO

VALE

China's Growth Disappointment Is Moving Stocks Monday: Tencent, PDD Holdings And Luxury Goods

<ul>
<li>Hermes International SA&nbsp;(OTC: <a class="ticker" href="https://www.benzinga.com/stock/hesay#OTC">HESAY</a>) reports first quarter results of 2023, where&nbsp;<a class="editor-rtfLink" href="https://finance.hermes.com/en/" style="background-image:initial; background-position:initial; background-size:initial; background-repeat:initial; background-attachment:initial; background-origin:initial; background-clip:initial; margin-top:0pt; margin-bottom:0pt; color:#4a6ee0" target="_blank">sales&nbsp;</a>jumped 23% at constant exhange rates to &euro;3.38 billion, as wealthy shoppers in China and Europe splurged on luxury fashion and accessories despite higher prices and global market turmoil.</li>
<li>Hermes finance chief Eric du Halgouet told journalists that store traffic in the U.S. continued to rise,&nbsp;<a class="editor-rtfLink" href="https://www.reuters.com/business/retail-consumer/hermes-sales-rise-23-q1-boosted-by-china-2023-04-14/" style="background-image:initial; background-position:initial; background-size:initial; background-repeat:initial; background-attachment:initial; background-origin:initial; background-clip:initial; margin-top:0pt; margin-bottom:0pt; color:#4a6ee0" target="_blank">Reuters&nbsp;</a>reported.&nbsp;</li>
<li>Good sales momentum in the United States resulted in 19% revenue growth in the quarter.</li>
<li>Sales in Asia grew 23%, excluding Japan, driven by a magnificent Chinese New Year.</li>
<li>The company achieved substantial growth, particularly in the U.K. and Italy, driven by increased tourist flows.&nbsp;</li>
<li>With increased production capacities and the opening of new sites, Herm&egrave;s continues to reinforce its local anchoring in France to develop employment and training.&nbsp;</li>
<li>Hermes&nbsp;<a class="editor-rtfLink" href="https://assets-finance.hermes.com/s3fs-public/node/pdf_file/2023-04/1680856715/hermes_20230407_louviersleathergoodsworkshop_en.pdf" style="background-image:initial; background-position:initial; background-size:initial; background-repeat:initial; background-attachment:initial; background-origin:initial; background-clip:initial; margin-top:0pt; margin-bottom:0pt; color:#4a6ee0" target="_blank">opened a new site in Normandy</a>&nbsp;on April 7, 2023, which makes Kelly handbags, a model designed in the 1920s that became associated with actress Grace Kelly in the 1950s. The development is a part of the company&#39;s strategy of increasing production at around 7% per year, the Reuters report notes.</li>
<li>In the medium term, the group confirms an ambitious goal for revenue growth at constant exchange rates, despite global economic, geopolitical, and monetary uncertainties.&nbsp;</li>
<li>Also Read:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/news/23/04/31791180/french-fashion-giant-lvmh-enters-into-world-top-10-market-value-nears-500b" style="background-image:initial; background-position:initial; background-size:initial; background-repeat:initial; background-attachment:initial; background-origin:initial; background-clip:initial; margin-top:0pt; margin-bottom:0pt; color:#4a6ee0" target="_blank">French Fashion Giant LVMH Enters Into World Top 10; Market Value Nears $500B</a></li>
<li>Price Action:&nbsp;HESAY shares traded higher by 0.04% at $216.58 on the last check Friday.</li>
<li>Photo Via Company</li>
</ul>

News

Media

LVMH

Hermes International 1Q Sales Jump 23%, Sees Ambitious Goal For Revenue Growth

The French CAC 40 stock index, which is tracked by the iShares MSCI France ETF (ARCA: EWQ), reached an all-time high on Wednesday, as U.S. inflation data showed CPI rose by 5% year-over-year in March, down&nbsp;<a href="https://www.benzinga.com/news/23/04/31756163/us-inflation-rate-slows-more-than-predicted-in-march-markets-rally-as-the-end-of-fed-hike-cycle-loom">from February&#39;s 6% annual increase.</a>
The CAC 40 index extended beyond 7,400 points, breaking previous highs set in March 2023 and January 2022.
Since the start of 2023, the index is up&nbsp;by&nbsp;13.7%, having risen by 30% from the mid-October 2022 lows.
Read also:&nbsp;<a href="https://www.benzinga.com/news/23/04/31744536/france-eyeing-antitrust-action-against-apple">France Eyeing Antitrust Action Against Apple</a>
Luxury Brands Pushed Cac 40 To Its All-Time Highs 
Luxury brands were a key factor in&nbsp;driving&nbsp;up French&nbsp;equities, contributing the most to the index&#39;s overall gain.&nbsp;
Year to date, LVMH Moet Hennessy Louis Vuitton SE (OTC: <a class="ticker" href="https://www.benzinga.com/stock/lvmhf#OTC">LVMHF</a>) is up 24%, while Hermes International S.C.A. ADR (OTC: <a class="ticker" href="https://www.benzinga.com/stock/hesay#OTC">HESAY</a>) is up 30%.&nbsp;
CAC 40 Technical Analysis: Bearish RSI Divergence Forming
Technically, a bearish&nbsp;RSI divergence is forming in the CAC 40, as prices reached&nbsp;new highs while the momentum indicator trended&nbsp;lower.&nbsp;
A bearish&nbsp;RSI divergence may suggest an exhaustion of the upward trend and should caution traders looking for short-term gains following the&nbsp;impressive recent rise.
The French main stock market index is now trading 3% and 13% higher than its 50-day and 200-day moving averages.&nbsp;
<img alt="" src="https://www.benzinga.com/files/u1363475/cac40_2023-04-12_13-04-58_b1055.png" style="height:500px; width:100%" />
Read next:<a href="https://www.benzinga.com/news/23/04/31742591/frances-macron-berated-by-china-hawks-for-ill-judged-taiwan-remarks-undermines-decades-long-commitme">France&#39;s Macron Berated By China Hawks For &#39;Ill-Judged&#39; Taiwan Remarks: &#39;Undermines Decades-Long Commitment...&#39;</a>
Photo: Unsplash

Technicals

Market-Moving Exclusives

Intraday Update

French CAC 40 Index Rockets To New Heights On Luxury Stocks' Wings As US Inflation Rate Slows

&nbsp;
<h2>Upgrades</h2>
<ul>
<li>JP Morgan upgraded the previous rating for New Relic Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NEWR#NYSE">NEWR</a>) from Underweight to Overweight. For the second quarter, New Relic had an EPS of $0.10, compared to year-ago quarter EPS of $0.07. The current stock performance of New Relic shows a 52-week-high of $91.09 and a 52-week-low of $51.52. Moreover, at the end of the last trading period, the closing price was at $90.94.</li>
<li>BTIG upgraded the previous rating for The RealReal Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/REAL#NASDAQ">REAL</a>) from Neutral to Buy. The RealReal earned $0.47 in the third quarter, compared to $0.41 in the year-ago quarter. The current stock performance of The RealReal shows a 52-week-high of $30.22 and a 52-week-low of $11.18. Moreover, at the end of the last trading period, the closing price was at $13.72.</li>
<li>Argus Research upgraded the previous rating for Vulcan Materials Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VMC#NYSE">VMC</a>) from Hold to Buy. In the third quarter, Vulcan Materials showed an EPS of $1.54, compared to $1.56 from the year-ago quarter. The current stock performance of Vulcan Materials shows a 52-week-high of $207.50 and a 52-week-low of $132.85. Moreover, at the end of the last trading period, the closing price was at $205.76.</li>
<li>According to Raymond James, the prior rating for Coty Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/COTY#NYSE">COTY</a>) was changed from Market Perform to Outperform. In the first quarter, Coty showed an EPS of $0.08, compared to $0.02 from the year-ago quarter. At the moment, the stock has a 52-week-high of $10.71 and a 52-week-low of $3.71. Coty closed at $10.69 at the end of the last trading period.</li>
<li>According to Citigroup, the prior rating for Fate Therapeutics Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FATE#NASDAQ">FATE</a>) was changed from Neutral to Buy. In the third quarter, Fate Therapeutics showed an EPS of $0.45, compared to $0.68 from the year-ago quarter. The stock has a 52-week-high of $121.16 and a 52-week-low of $47.20. At the end of the last trading period, Fate Therapeutics closed at $60.79.</li>
<li>For JM Smucker Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SJM#NYSE">SJM</a>), Guggenheim upgraded the previous rating of Neutral to Buy. In the first quarter, JM Smucker showed an EPS of $1.90, compared to $2.37 from the year-ago quarter. At the moment, the stock has a 52-week-high of $140.65 and a 52-week-low of $110.53. JM Smucker closed at $125.08 at the end of the last trading period.</li>
<li>According to Truist Securities, the prior rating for Five9 Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FIVN#NASDAQ">FIVN</a>) was changed from Hold to Buy. Five9 earned $0.28 in the third quarter, compared to $0.27 in the year-ago quarter. At the moment, the stock has a 52-week-high of $211.68 and a 52-week-low of $130.32. Five9 closed at $145.25 at the end of the last trading period.</li>
<li>For Village Farms International Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/VFF#NASDAQ">VFF</a>), Cantor Fitzgerald upgraded the previous rating of Neutral to Overweight. In the third quarter, Village Farms Intl showed an EPS of $0.01, compared to $0.01 from the year-ago quarter. The stock has a 52-week-high of $20.32 and a 52-week-low of $5.74. At the end of the last trading period, Village Farms Intl closed at $8.34.</li>
<li>According to B. Riley Securities, the prior rating for Tecnoglass Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TGLS#NASDAQ">TGLS</a>) was changed from Neutral to Buy. For the third quarter, Tecnoglass had an EPS of $0.45, compared to year-ago quarter EPS of $0.28. The current stock performance of Tecnoglass shows a 52-week-high of $32.25 and a 52-week-low of $5.30. Moreover, at the end of the last trading period, the closing price was at $30.57.</li>
<li>Wolfe Research upgraded the previous rating for TE Connectivity Ltd (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TEL#NYSE">TEL</a>) from Peer Perform to Outperform. In the fourth quarter, TE Connectivity showed an EPS of $1.69, compared to $1.16 from the year-ago quarter. At the moment, the stock has a 52-week-high of $160.46 and a 52-week-low of $104.39. TE Connectivity closed at $158.00 at the end of the last trading period.</li>
<li>According to HC Wainwright &amp; Co., the prior rating for AquaBounty Technologies Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AQB#NASDAQ">AQB</a>) was changed from Neutral to Buy. For the third quarter, AquaBounty Technologies had an EPS of $0.10, compared to year-ago quarter EPS of $0.09. The current stock performance of AquaBounty Technologies shows a 52-week-high of $13.32 and a 52-week-low of $3.61. Moreover, at the end of the last trading period, the closing price was at $3.86.</li>
<li>For Cinemark Holdings Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CNK#NYSE">CNK</a>), Credit Suisse upgraded the previous rating of Neutral to Outperform. Cinemark Hldgs earned $0.65 in the third quarter, compared to $1.25 in the year-ago quarter. At the moment, the stock has a 52-week-high of $27.84 and a 52-week-low of $8.65. Cinemark Hldgs closed at $21.65 at the end of the last trading period.</li>
<li>According to Stifel, the prior rating for eFFECTOR Therapeutics Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/EFTR#NASDAQ">EFTR</a>) was changed from Hold to Buy. In the third quarter, eFFECTOR Therapeutics showed an EPS of $0.42, compared to $5.29 from the year-ago quarter. The current stock performance of eFFECTOR Therapeutics shows a 52-week-high of Missing 52-Week High and a 52-week-low of Missing 52-Week Low . Moreover, at the end of the last trading period, the closing price was at $11.12.</li>
</ul>
<a href="https://pro.benzinga.com/blog/how-to-understand-option-alerts/">See all analyst ratings upgrades.</a>
&nbsp;
<h2>Downgrades</h2>
<ul>
<li>According to JP Morgan, the prior rating for LifeStance Health Group Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LFST#NASDAQ">LFST</a>) was changed from Overweight to Neutral. Interestingly, in the third quarter, LifeStance Health Group&#39;s EPS was $0.35. The current stock performance of LifeStance Health Group shows a 52-week-high of $29.81 and a 52-week-low of $10.67. Moreover, at the end of the last trading period, the closing price was at $12.83.</li>
<li>According to Craig-Hallum, the prior rating for Zix Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ZIXI#NASDAQ">ZIXI</a>) was changed from Buy to Hold. Zix earned $0.15 in the third quarter, compared to $0.17 in the year-ago quarter. The stock has a 52-week-high of $10.37 and a 52-week-low of $6.35. At the end of the last trading period, Zix closed at $8.51.</li>
<li>Craig-Hallum downgraded the previous rating for SmileDirectClub Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SDC#NASDAQ">SDC</a>) from Hold to Sell. For the third quarter, SmileDirectClub had an EPS of $0.23, compared to year-ago quarter EPS of $0.11. The stock has a 52-week-high of $16.08 and a 52-week-low of $4.63. At the end of the last trading period, SmileDirectClub closed at $5.25.</li>
<li>According to Craig-Hallum, the prior rating for eHealth Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/EHTH#NASDAQ">EHTH</a>) was changed from Buy to Hold. For the third quarter, eHealth had an EPS of $1.78, compared to year-ago quarter EPS of $0.36. The current stock performance of eHealth shows a 52-week-high of $93.19 and a 52-week-low of $24.38. Moreover, at the end of the last trading period, the closing price was at $30.06.</li>
<li>Truist Securities downgraded the previous rating for Nevro Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NVRO#NYSE">NVRO</a>) from Buy to Hold. In the third quarter, Nevro showed an EPS of $0.87, compared to $0.29 from the year-ago quarter. The current stock performance of Nevro shows a 52-week-high of $188.14 and a 52-week-low of $99.54. Moreover, at the end of the last trading period, the closing price was at $108.94.</li>
<li>Mizuho downgraded the previous rating for McAfee Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MCFE#NASDAQ">MCFE</a>) from Buy to Neutral. McAfee earned $0.31 in the third quarter, compared to $0.00 in the year-ago quarter. The current stock performance of McAfee shows a 52-week-high of $32.83 and a 52-week-low of $14.80. Moreover, at the end of the last trading period, the closing price was at $25.50.</li>
<li>For Velodyne Lidar Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/VLDR#NASDAQ">VLDR</a>), Citigroup downgraded the previous rating of Buy to Neutral. In the third quarter, Velodyne Lidar showed an EPS of $0.19, compared to $0.06 from the year-ago quarter. At the moment, the stock has a 52-week-high of $30.81 and a 52-week-low of $5.55. Velodyne Lidar closed at $7.40 at the end of the last trading period.</li>
<li>According to Citigroup, the prior rating for Livent Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LTHM#NYSE">LTHM</a>) was changed from Buy to Neutral. Livent earned $0.03 in the third quarter, compared to $0.05 in the year-ago quarter. The current stock performance of Livent shows a 52-week-high of $32.89 and a 52-week-low of $11.54. Moreover, at the end of the last trading period, the closing price was at $32.43.</li>
<li>B. Riley Securities downgraded the previous rating for NAPCO Security Technologies Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NSSC#NASDAQ">NSSC</a>) from Buy to Neutral. In the first quarter, NAPCO Security showed an EPS of $0.21, compared to $0.13 from the year-ago quarter. At the moment, the stock has a 52-week-high of $52.00 and a 52-week-low of $25.27. NAPCO Security closed at $48.00 at the end of the last trading period.</li>
<li>For Viasat Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/VSAT#NASDAQ">VSAT</a>), Raymond James downgraded the previous rating of Strong Buy to Outperform. For the second quarter, Viasat had an EPS of $0.34, compared to year-ago quarter EPS of $0.31. The stock has a 52-week-high of $68.76 and a 52-week-low of $29.82. At the end of the last trading period, Viasat closed at $55.65.</li>
<li>Needham downgraded the previous rating for Conduent Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CNDT#NASDAQ">CNDT</a>) from Buy to Hold. For the third quarter, Conduent had an EPS of $0.19, compared to year-ago quarter EPS of $0.26. The current stock performance of Conduent shows a 52-week-high of $8.50 and a 52-week-low of $3.64. Moreover, at the end of the last trading period, the closing price was at $6.10.</li>
<li>JP Morgan downgraded the previous rating for Oyster Point Pharma Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/OYST#NASDAQ">OYST</a>) from Overweight to Neutral. For the third quarter, Oyster Point Pharma had an EPS of $0.68, compared to year-ago quarter EPS of $0.63. The stock has a 52-week-high of $25.89 and a 52-week-low of $10.00. At the end of the last trading period, Oyster Point Pharma closed at $13.76.</li>
</ul>
<a href="https://pro.benzinga.com/blog/how-to-understand-option-alerts/">See all analyst ratings downgrades.</a>
&nbsp;
<h2>Initiations</h2>
<ul>
<li>Wolfe Research initiated coverage on Seagen Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SGEN#NASDAQ">SGEN</a>) with a Peer Perform rating. The price target for Seagen is set to $195.00. In the third quarter, Seagen showed an EPS of $1.61, compared to $3.50 from the year-ago quarter. The current stock performance of Seagen shows a 52-week-high of $202.60 and a 52-week-low of $133.20. Moreover, at the end of the last trading period, the closing price was at $190.36.</li>
<li>Wolfe Research initiated coverage on ADC Therapeutics SA (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ADCT#NYSE">ADCT</a>) with an Outperform rating. The price target for ADC Therapeutics is set to $44.00. In the third quarter, ADC Therapeutics showed an EPS of $0.59, compared to $0.58 from the year-ago quarter. At the moment, the stock has a 52-week-high of $38.34 and a 52-week-low of $20.01. ADC Therapeutics closed at $29.00 at the end of the last trading period.</li>
<li>Wells Fargo initiated coverage on OFG Bancorp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OFG#NYSE">OFG</a>) with an Overweight rating. The price target for OFG Bancorp is set to $31.00. In the third quarter, OFG Bancorp showed an EPS of $0.81, compared to $0.50 from the year-ago quarter. The current stock performance of OFG Bancorp shows a 52-week-high of $27.73 and a 52-week-low of $14.80. Moreover, at the end of the last trading period, the closing price was at $27.08.</li>
<li>Barclays initiated coverage on Ingredion Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/INGR#NYSE">INGR</a>) with an Overweight rating. The price target for Ingredion is set to $115.00. For the third quarter, Ingredion had an EPS of $1.67, compared to year-ago quarter EPS of $1.77. The current stock performance of Ingredion shows a 52-week-high of $99.31 and a 52-week-low of $68.71. Moreover, at the end of the last trading period, the closing price was at $99.03.</li>
<li>Wells Fargo initiated coverage on Popular Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BPOP#NASDAQ">BPOP</a>) with an Overweight rating. The price target for Popular is set to $115.00. Popular earned $3.09 in the third quarter, compared to $2.00 in the year-ago quarter. At the moment, the stock has a 52-week-high of $85.59 and a 52-week-low of $44.53. Popular closed at $82.62 at the end of the last trading period.</li>
<li>JMP Securities initiated coverage on Paragon 28 Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FNA#NYSE">FNA</a>) with a Market Outperform rating. The price target for Paragon 28 is set to $30.00. Paragon 28 closed at $24.50 at the end of the last trading period.</li>
<li>With an Outperform rating, Evercore ISI Group initiated coverage on MiNK Therapeutics Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/INKT#NASDAQ">INKT</a>). The price target seems to have been set at $30.00 for MiNK Therapeutics. MiNK Therapeutics closed at $18.96 at the end of the last trading period.</li>
<li>With an Overweight rating, Cantor Fitzgerald initiated coverage on ADMA Biologics Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ADMA#NASDAQ">ADMA</a>). The price target seems to have been set at $4.50 for ADMA Biologics. ADMA Biologics earned $0.14 in the second quarter, compared to $0.23 in the year-ago quarter. The stock has a 52-week-high of $3.11 and a 52-week-low of $1.01. At the end of the last trading period, ADMA Biologics closed at $1.38.</li>
<li>Wolfe Research initiated coverage on Moderna Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MRNA#NASDAQ">MRNA</a>) with an Outperform rating. The price target for Moderna is set to $304.00. In the third quarter, Moderna showed an EPS of $7.70, compared to $0.59 from the year-ago quarter. At the moment, the stock has a 52-week-high of $497.49 and a 52-week-low of $70.87. Moderna closed at $244.68 at the end of the last trading period.</li>
</ul>
<a href="https://pro.benzinga.com/blog/how-to-understand-option-alerts/">See all analyst ratings initiations.</a>

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Benzinga's Top Ratings Upgrades, Downgrades For November 9, 2021

Goldman Sachs downgrades Hermes International (OTC:<a class="ticker" href="https://www.benzinga.com/stock/HESAY#OTC">HESAY</a>) from Neutral to Sell.

Goldman Sachs Downgrades Hermes International to Sell

&nbsp;
<h2>Upgrades</h2>
<ul>
<li>Argus Research upgraded the previous rating for Simon Property Group Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPG#NYSE">SPG</a>) from Hold to Buy. In the second quarter, Simon Property Group showed an EPS of $3.24, compared to $2.12 from the year-ago quarter. The stock has a 52-week-high of $137.38 and a 52-week-low of $59.35. At the end of the last trading period, Simon Property Group closed at $130.38.</li>
<li>According to BMO Capital, the prior rating for Teck Resources Ltd (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TECK#NYSE">TECK</a>) was changed from Market Perform to Outperform. Teck Resources earned $0.51 in the second quarter, compared to $0.12 in the year-ago quarter. At the moment, the stock has a 52-week-high of $27.08 and a 52-week-low of $11.91. Teck Resources closed at $23.19 at the end of the last trading period.</li>
<li>According to WBB Securities, the prior rating for Cidara Therapeutics Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CDTX#NASDAQ">CDTX</a>) was changed from Buy to Strong Buy. In the second quarter, Cidara Therapeutics showed an EPS of $0.18, compared to $0.45 from the year-ago quarter. The stock has a 52-week-high of $3.28 and a 52-week-low of $1.46. At the end of the last trading period, Cidara Therapeutics closed at $2.14.</li>
<li>For Xponential Fitness Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XPOF#NYSE">XPOF</a>), Raymond James upgraded the previous rating of Market Perform to Strong Buy. Xponential Fitness earned $0.50 in the second quarter. Xponential Fitness closed at $10.34 at the end of the last trading period.</li>
<li>For Ambarella Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMBA#NASDAQ">AMBA</a>), Keybanc upgraded the previous rating of Sector Weight to Overweight. In the second quarter, Ambarella showed an EPS of $0.35, compared to $0.06 from the year-ago quarter. At the moment, the stock has a 52-week-high of $153.18 and a 52-week-low of $48.35. Ambarella closed at $148.92 at the end of the last trading period.</li>
</ul>
<a href="https://pro.benzinga.com/blog/how-to-understand-option-alerts/">See all analyst ratings upgrades.</a>
&nbsp;
<h2>Downgrades</h2>
<ul>
<li>William Blair downgraded the previous rating for InnovAge Holding Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/INNV#NASDAQ">INNV</a>) from Outperform to Market Perform. InnovAge Holding earned $0.05 in the fourth quarter, compared to $0.09 in the year-ago quarter. At the moment, the stock has a 52-week-high of $27.18 and a 52-week-low of $11.45. InnovAge Holding closed at $11.65 at the end of the last trading period.</li>
<li>According to Morgan Stanley, the prior rating for RE/MAX Holdings Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RMAX#NYSE">RMAX</a>) was changed from Overweight to Equal-Weight. RE/MAX Hldgs earned $0.63 in the second quarter, compared to $0.38 in the year-ago quarter. The current stock performance of RE/MAX Hldgs shows a 52-week-high of $43.85 and a 52-week-low of $29.40. Moreover, at the end of the last trading period, the closing price was at $31.50.</li>
<li>For FedEx Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FDX#NYSE">FDX</a>), Raymond James downgraded the previous rating of Outperform to Market Perform. In the first quarter, FedEx showed an EPS of $4.37, compared to $4.87 from the year-ago quarter. The current stock performance of FedEx shows a 52-week-high of $319.90 and a 52-week-low of $230.27. Moreover, at the end of the last trading period, the closing price was at $252.07.</li>
<li>For Axcella Health Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AXLA#NASDAQ">AXLA</a>), Goldman Sachs downgraded the previous rating of Buy to Neutral. In the second quarter, Axcella Health showed an EPS of $0.42, compared to $0.48 from the year-ago quarter. At the moment, the stock has a 52-week-high of $6.84 and a 52-week-low of $2.98. Axcella Health closed at $3.15 at the end of the last trading period.</li>
<li>For Frequency Therapeutics Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FREQ#NASDAQ">FREQ</a>), Goldman Sachs downgraded the previous rating of Buy to Neutral. For the second quarter, Frequency Therapeutics had an EPS of $0.52, compared to year-ago quarter EPS of $0.19. The stock has a 52-week-high of $58.37 and a 52-week-low of $6.75. At the end of the last trading period, Frequency Therapeutics closed at $7.30.</li>
<li>According to Goldman Sachs, the prior rating for Vir Biotechnology Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/VIR#NASDAQ">VIR</a>) was changed from Buy to Neutral. Vir Biotechnology earned $0.46 in the second quarter, compared to $0.27 in the year-ago quarter. The stock has a 52-week-high of $141.01 and a 52-week-low of $25.31. At the end of the last trading period, Vir Biotechnology closed at $51.02.</li>
<li>According to Goldman Sachs, the prior rating for FibroGen Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FGEN#NASDAQ">FGEN</a>) was changed from Neutral to Sell. In the second quarter, FibroGen showed an EPS of $1.45, compared to $0.95 from the year-ago quarter. The current stock performance of FibroGen shows a 52-week-high of $57.21 and a 52-week-low of $11.08. Moreover, at the end of the last trading period, the closing price was at $11.24.</li>
<li>According to Raymond James, the prior rating for OraSure Technologies Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/OSUR#NASDAQ">OSUR</a>) was changed from Outperform to Market Perform. In the second quarter, OraSure Technologies showed an EPS of $0.02, compared to $0.16 from the year-ago quarter. The current stock performance of OraSure Technologies shows a 52-week-high of $17.79 and a 52-week-low of $8.58. Moreover, at the end of the last trading period, the closing price was at $13.34.</li>
<li>B of A Securities downgraded the previous rating for Vale SA (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VALE#NYSE">VALE</a>) from Buy to Neutral. Vale earned $1.49 in the second quarter, compared to $0.19 in the year-ago quarter. The current stock performance of Vale shows a 52-week-high of $23.18 and a 52-week-low of $10.29. Moreover, at the end of the last trading period, the closing price was at $15.88.</li>
<li>Susquehanna downgraded the previous rating for Coherent Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/COHR#NASDAQ">COHR</a>) from Positive to Neutral. Coherent earned $1.81 in the third quarter, compared to $0.52 in the year-ago quarter. The current stock performance of Coherent shows a 52-week-high of $270.99 and a 52-week-low of $103.00. Moreover, at the end of the last trading period, the closing price was at $252.38.</li>
</ul>
<a href="https://pro.benzinga.com/blog/how-to-understand-option-alerts/">See all analyst ratings downgrades.</a>
&nbsp;
<h2>Initiations</h2>
<ul>
<li>With a Buy rating, Alliance Global Partners initiated coverage on Icecure Medical Ltd (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ICCM#NASDAQ">ICCM</a>). The price target seems to have been set at $14.50 for Icecure Medical. Icecure Medical closed at $9.00 at the end of the last trading period.</li>
<li>JP Morgan initiated coverage on ZIM Integrated Shipping Services Ltd (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ZIM#NYSE">ZIM</a>) with an Underweight rating. The price target for ZIM Integrated Shipping is set to $46.02. In the second quarter, ZIM Integrated Shipping earned $7.38. The stock has a 52-week-high of $62.20 and a 52-week-low of $11.34. At the end of the last trading period, ZIM Integrated Shipping closed at $55.89.</li>
<li>Evercore ISI Group initiated coverage on SunPower Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SPWR#NASDAQ">SPWR</a>) with an Outperform rating. The price target for SunPower is set to $27.00. In the second quarter, SunPower showed an EPS of $0.06, compared to $0.22 from the year-ago quarter. The current stock performance of SunPower shows a 52-week-high of $57.52 and a 52-week-low of $9.54. Moreover, at the end of the last trading period, the closing price was at $21.09.</li>
<li>With a Buy rating, UBS initiated coverage on Li-Cycle Holdings Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LICY#NYSE">LICY</a>). The price target seems to have been set at $15.00 for Li-Cycle Holdings. For the third quarter, Li-Cycle Holdings had an EPS of $2.88, compared to year-ago quarter EPS of $0.86. Li-Cycle Holdings closed at $9.85 at the end of the last trading period.</li>
<li>BTIG initiated coverage on Humacyte Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HUMA#NASDAQ">HUMA</a>) with a Buy rating. The price target for Humacyte is set to $19.00.&nbsp;At the end of the last trading period, Humacyte closed at $13.85.</li>
<li>With an Overweight rating, Wells Fargo initiated coverage on Vimeo Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/VMEO#NASDAQ">VMEO</a>). The price target seems to have been set at $47.00 for Vimeo. Vimeo earned $0.02 in the second quarter, compared to $0.05 in the year-ago quarter. At the moment, the stock has a 52-week-high of $52.06 and a 52-week-low of $29.17. Vimeo closed at $32.39 at the end of the last trading period.</li>
<li>For Poshmark Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/POSH#NASDAQ">POSH</a>), Needham initiated coverage, by setting the current rating at Hold. Interestingly, in the second quarter, Poshmark&#39;s EPS was $0.04. The current stock performance of Poshmark shows a 52-week-high of $104.98 and a 52-week-low of $23.58. Moreover, at the end of the last trading period, the closing price was at $23.59.</li>
<li>DZ Bank initiated coverage on ServiceNow Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NOW#NYSE">NOW</a>) with a Buy rating. The price target for ServiceNow is set to $725.00. ServiceNow earned $1.42 in the second quarter, compared to $1.23 in the year-ago quarter. The current stock performance of ServiceNow shows a 52-week-high of $681.10 and a 52-week-low of $446.20. Moreover, at the end of the last trading period, the closing price was at $654.20.</li>
<li>With an Overweight rating, Morgan Stanley initiated coverage on Jackson Financial Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JXN#NYSE">JXN</a>). The price target seems to have been set at $37.00 for Jackson Financial. Jackson Financial earned $6.74 in the second quarter. Moreover, at the end of the last trading period, the closing price was at $26.53.</li>
<li>Cantor Fitzgerald initiated coverage on IMV Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/IMV#NASDAQ">IMV</a>) with an Overweight rating. The price target for IMV is set to $4.00. In the second quarter, IMV showed an EPS of $0.11, compared to $0.08 from the year-ago quarter. The stock has a 52-week-high of $4.95 and a 52-week-low of $1.31. At the end of the last trading period, IMV closed at $1.69.</li>
<li>Berenberg initiated coverage on Viant Technology Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DSP#NASDAQ">DSP</a>) with a Buy rating. The price target for Viant Technology is set to $20.00. Interestingly, in the second quarter, Viant Technology&#39;s EPS was $0.06. At the moment, the stock has a 52-week-high of $69.16 and a 52-week-low of $11.61. Viant Technology closed at $11.64 at the end of the last trading period.</li>
<li>Berenberg initiated coverage on PubMatic Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PUBM#NASDAQ">PUBM</a>) with a Buy rating. The price target for PubMatic is set to $37.00. PubMatic earned $0.18 in the second quarter. At the moment, the stock has a 52-week-high of $76.96 and a 52-week-low of $22.42. PubMatic closed at $27.20 at the end of the last trading period.</li>
<li>With a Buy rating, Berenberg initiated coverage on Magnite Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MGNI#NASDAQ">MGNI</a>). The price target seems to have been set at $37.00 for Magnite. In the second quarter, Magnite showed an EPS of $0.11, compared to $0.10 from the year-ago quarter. The stock has a 52-week-high of $64.39 and a 52-week-low of $5.88. At the end of the last trading period, Magnite closed at $28.39.</li>
<li>With a Buy rating, Jefferies initiated coverage on SoFi Technologies Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SOFI#NASDAQ">SOFI</a>). The price target seems to have been set at $25.00 for SoFi Technologies. For the second quarter, SoFi Technologies had an EPS of $0.48, compared to year-ago quarter EPS of $0.03. The current stock performance of SoFi Technologies shows a 52-week-high of $24.95 and a 52-week-low of $13.56. Moreover, at the end of the last trading period, the closing price was at $15.17.</li>
<li>Baird initiated coverage on Gentherm Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/THRM#NASDAQ">THRM</a>) with an Outperform rating. The price target for Gentherm is set to $94.00. Gentherm earned $0.85 in the second quarter, compared to $0.30 in the year-ago quarter. At the moment, the stock has a 52-week-high of $88.99 and a 52-week-low of $38.99. Gentherm closed at $77.93 at the end of the last trading period.</li>
<li>With a Buy rating, MKM Partners initiated coverage on California Resources Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CRC#NYSE">CRC</a>). The price target seems to have been set at $54.00 for California Resources. In the second quarter, California Resources earned $0.94. The current stock performance of California Resources shows a 52-week-high of $44.58 and a 52-week-low of $14.63. Moreover, at the end of the last trading period, the closing price was at $41.60.</li>
<li>With a Buy rating, Stifel initiated coverage on Armada Hoffler Properties Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AHH#NYSE">AHH</a>). The price target seems to have been set at $15.00 for Armada Hoffler Properties. Armada Hoffler Properties earned $0.29 in the second quarter, compared to $0.29 in the year-ago quarter. At the moment, the stock has a 52-week-high of $14.38 and a 52-week-low of $8.20. Armada Hoffler Properties closed at $13.20 at the end of the last trading period.</li>
<li>With an Outperform rating, Oppenheimer initiated coverage on Golub Capital BDC Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GBDC#NASDAQ">GBDC</a>). The price target seems to have been set at $16.00 for Golub Capital BDC. In the third quarter, Golub Capital BDC showed an EPS of $0.29, compared to $0.28 from the year-ago quarter. At the moment, the stock has a 52-week-high of $16.22 and a 52-week-low of $12.31. Golub Capital BDC closed at $15.36 at the end of the last trading period.</li>
</ul>
<a href="https://pro.benzinga.com/blog/how-to-understand-option-alerts/">See all analyst ratings initiations.</a>

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Benzinga's Top Ratings Upgrades, Downgrades For September 22, 2021

Barclays initiates coverage on Hermes International (OTC:<a class="ticker" href="https://www.benzinga.com/stock/HESAY#OTC">HESAY</a>) with a Equal-Weight rating.

Barclays Initiates Coverage On Hermes International with Equal-Weight Rating

Apple Inc&nbsp;(NASDAQ:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/stock/appl#NASDAQ" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">APPL</a>) is planning the launch of an Apple Watch with a rugged casing targeted at athletes, hikers, and others in more extreme environments,&nbsp;<a class="editor-rtfLink" href="https://www.bloomberg.com/news/articles/2021-03-26/apple-considers-launching-rugged-watch-for-extreme-sports?srnd=technology-vp&amp;sref=TBDibEcD" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Bloomberg reports</a>.
<ul>
<li>The company had internally discussed introducing such a Watch variation later in 2021 or 2022 at the earliest.</li>
<li>Bloomberg notes this is Apple&rsquo;s second attempt at a rugged smartwatch after the 2015 debut of the popular Apple Watch. Apple has added several sports and activity-tracking features via its annual update cycle.</li>
<li>Casio Computer Co Ltd&nbsp;(OTC:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/stock/csiof#OTC" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">CSIOF</a>) (OTC:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/stock/csioy#OTC" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">CSIOY</a>) and other watchmakers have witnessed robust sales from sturdier product designs with extra protection.&nbsp;</li>
<li>The rugged version would be similar to Apple&rsquo;s cheaper Apple Watch SE and special editions co-branded with&nbsp;Nike Inc&nbsp;(NYSE:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/stock/nke#NYSE" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">NKE</a>) and&nbsp;Hermes International SA&nbsp;(OTC:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/stock/hesaf#OTC" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">HESAF</a>) (OTC:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/stock/hesay#OTC" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">HESAY</a>). It would have extra impact-resistance and protection akin to Casio&rsquo;s G-Shock watches.</li>
<li>Apple is also developing new swim-tracking features for the Apple Watch. The company rolled out the cheaper Apple Watch SE and faster processor and blood oxygen sensor with the Apple Watch Series 6 last September.</li>
<li>The device would be a part of the company&rsquo;s wearables, home, and accessories segment, which generated over $30 billion in FY20 sales. Reportedly, Apple owns a 40% smartwatch market share in the fourth quarter of 2020.</li>
<li>Price action:&nbsp;AAPL shares traded lower by 0.24% at $120.30 in the premarket session on the last check Friday.</li>
</ul>

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