Fresh indications of a slowdown in Chinese demand undermine European opulence. The worst-performing stock of the day on Thursday was Hermès, which fell more than 6% from the opening of the session in Paris. Meanwhile, Brunello Cucinelli in Milan fell as low as 84.05 euros (-5.34 percent) from its opening price of 88.95 euros, and it was even momentarily suspended at a volatility auction.
Biggies like Lvmh, which saw heavy selling in the fashion and luxury sector on the old continent, saw their share price drop by more than three percentage points to 618 euros from 642 euros at the beginning of the day. Conversely, rival Kering's stock price, which saw the luxury group's value plummet from 258 to less than 247 euros at the beginning of the session, looks more stable toward the end of the session. There is a similar downward trend for Richemont in Zurich, though it is only a 1.5% decline.
Moncler is another underperforming brand in Milan; it is currently down more than 2 percentage points, carrying on the losing trend that started yesterday and caused the stock to drop as much as 5 percentage points. The group Salvatore Ferragamo is a tad below par.