let's look at lvmh in more detail.t's surprising to see their sales in china were weaker for the time being, however, if you look at the u.s. and europe, their sales were actually stronger in both of those markets. i was just wondering, can other markets basically make up the shortfall and the weaker performance from china? >> well, when you look at lvmh in europe and the u.s. was kwiets reassuring because the management was positive, applying growth there. asia was a little bit weaker than anticipated, down 6%. but i think it's worth highlighting that the 6% drop excluding japan is mostly attributable to the fact that we have a continued recovery of the chinese tourism and also the continuing recovery of europe, a little bit of europe, obviously into the u.s. and the number even yesterday, chinese have been spending 37% to 38% of their money offshore, overseas, which shows a remarkable improvement compared to the fall, which was more in the 20% to 25% range. so the continued recovery of chinese, we continue to surpass

katie: is this an lvmh story or the industry at large?gucci, for example, we had carrying as well and i think it's safe to call some of those metrics as muted as well. andrea: definitely. this is an industry issue. you know, we have china pretty sluggish, there were hopes for a big revival last year that didn't quite live up to expectations. the u.s. which had also been another engine of growth has slowed but i would say when we come to look at the whole of the reporting season, lvmh might not be at the top but will be one of the better performers because they own lee yvetteon, dee other, and huge -- luis viton and dior, and they have consumers thinking i want a new bag, i'll go to one of these brands. katie: this is an industry wide conversation, who is best positioned among lvmh and its peers to really weather the storm? andrea: over the last year, there's been a really big difference depending on who you're selling to that's dictated your performance. what we found is the superwealthy have carried on spending and the sort of brands tha

he runs the firm's luxury etf which has lvmh's top holding. good morning.'m going to jump right into it. the stock is still up 4%. what do you think investors are seeing in this report? zbhood morning, frank. thanks for having me. i think there's a lot of fear that things could have been a lot worse, especially since throughout q1 we're saying some weakening of data. also we have the profit warning. this is coming in just a touch below what the skpcations and consensus have been. it gives us a sense of relief. >> you know, you're setting the kcare kering profit warning. that's the company that makes the gucci brand. one of the bigger profit margins is wine and spirits. do you think it's soft when it comes to handbags and watches? >> yes. the current condition which is a big profit contributor in that division has suffered from very big reductions especially in the u.s. where we saw increases by stock distributors through the pandemic. i think we've been through around 12 months of us quite significantly stocking. so that's a very specific situation that we'

has lvmh posted slowing sales growth. how consumers holding out on handbags are impacting the space, next. >>> plus, land of the rising sun. but the currency is a different story. the yen at 34-year lows against the dollar. the key level it is nearing, and how regulators could get involved. you're watching "fast money," live from the nasdaq market site in times square. we're back right after this. when you own a small business every second counts. 120 seconds to add the finishing touches. 900 seconds to arrange the displays. if you're short on time for marketing constant contact's powerful tools can help. you can automate email and sms messages so customers get the right message at the right time. save time marketing with constant contact. because all it takes is 30 seconds to make someone's day. get started today at constantcontact.com. >> university of maryland helping the small stand tall. global campus is a school for real life, one that values the successes you've already achieved. earn up to 90 undergraduate credits

lvmh down about 1% on the day. it has been down even prior to that report. back to the macro picture. u.s. labor costs accelerated first quarter more than forecast signaling persistent wage pressures. brown brothers harriman had this to say about what fed chair powell's message will be to markets tomorrow. >> i think the fed will deliver a very hawkish message tomorrow. i think we hear that she will have written on his hand, don't say anything written -- anything about cuts. if they stick to that script it will be ok. it will be hard for the fed to deliver anything short of a hawkish message tomorrow. sonali: we will discuss this with anna wong and bloomberg news chief macro correspondent is mccormick. anna, from the data we have seen so far, particularly this morning, how does the chart change the equation from the federal reserve knowing there is pressure under the surface when it comes to pricing? anna: the fed coming into this year is full of hope that the disinflation progress we saw the second half of last year will continue. i think that the ec readin

the board for all of them, they're decreasing what we saw from the other luxury player last week, lvmh, they did have some growth in north america and europe as well here again the market is starting to wonder is the turnaround going to be put in place by getting enough or looking at the brands and what's in place so far is actually not enough the stock is down more than 4% and this morning 8% on the back of these warnings. >> what a stark development. there's a lot of questions for gucci. >> yes, there is we're bringing in the front manager. we're glad to bring you in here. >> good morning. >> there was a lot of hope about the luxury sector. in your hope you said they would continue to see stronger sales others said full luxury or not is that it gucci and others, they're not full luxury or prestige? >> firstly the entire organization is going through a reorganization going back to a trend growth of 6% to 8% that's not happening across all brands or geographies. there are two things they're trying to do to elevate the brands, cater more to an inelastic high-end shopper and have more pr

karen, you've been watching this name, i mean, this is very interesting, and lvmh's results were okayhey were good enough, right? after the concern. when kering dropped a bomb six weeks ago, whenever it was, said our revenues are going to be down by 20%, i think it was, gucci actually came in a tiny bit better, but there's been a lot of discussion about kering being in disarray, and then, henri pinot, the son, actually, bought a controlling stake in caa, which seemed like a very odd sort of distraction -- >> right >> right, and so, there was enough upheaval in the company and people were getting fairly concerned. i think that this is a very gucci-specific problem >> okay. >> and so, to me, i mean, lvmh didn't trade down on these results at all, so -- i think -- lvmh's quarter was good enough and i think we're starting to see more chinese travel. i think the gucci -- gucci is not speaking to their customer right now. >> the chinese market is fairly polarized between appetite from gia -- >> gucci's in the -- >> guy actually switched over to tom ford, that might have been kind of the pro

so when you look at lvmh and the luxury shopping, it is mostly for international travelers. the japanese people themselves when they are in the country with the high inflation that they are experiencing, it is quite tough on their wallet. so what we're seeing is some japanese retailers refraining from upping the selling prices just because they are scared to scare people away from the shops. with the inflation, people need to be mindful of where they are spending. are they spending on consumer staples where they need to feed their families and also keep a family rung or will they have sufficient extra cash to spend on luxury? with this discount, it is probably going to stay longer because are looking for more value from money. >> i have a question about the yen. obviously the weakness of the yen has attracted a lot of people as you say. do you get any sense of which point maybe they would not want to come to japan? let's say went down 130. would that make japan too expensive for foreigners? >> to be honest, i feel even at 130 it would still be quite attractive. you're thinki

was making up the difference and lvmh shifted its market power to the u.s. as its hope, now we see the u.s. struggle especially on that aspirational end so lower priced products at tiffany, that's where they really struggled on a call today, they said they see signs the aspirational consumer may be coming back in the second or third quarter, i don't know what evidence they have but that's another reason why the stock was up about 3% despite weak results. >> robert, frank, thank you very much. silicon valley cutthroat workplace is making a return, staff rankings are surging with bobby lewis -- companies, details in tech check next. ameritrade is now part of schwab. bringing you an elevated experience, tailor-made for trader minds. go deeper with thinkorswim: our award-wining trading platforms. unlock support from the schwab trade desk, our team of passionate traders who live and breathe trading. and sharpen your skills with an immersive online education crafted just for traders. all so you can trade brilliantly. >>> the practice of staff ranking employees mig

lvmh not the only one to watch.w york times" reporting that the ftc is preparing to sue to block coach's parent tapestry's plan to buy capri sending a statement saying we cannot speculate on the ftc's intentions but strongly believe this is a deal that gee serves to clear as it is pro-consumer and pro-competitive. this combination involves six unique brands that compete with hundreds of others in a dynamic and constantly expanding $200 billion global luxury market that delivers products in a wide range of categories across a vast price spectrum, which gives you a hint there, guys, if the ftc does move to block how tapestry would fight it. no barriers to entries when it comes to fashion brands and there is competition coming from everywhere. what i can tell you is there is this closed door meeting on the public calendar at the ftc of the commission on monday, and inside the building, what i hear, is that there is movement and effort to block the deal. and we know the history and track record of this ftc, and they oft

with sales of 20 billion euro by 2027 in france, l'oreal is the second biggest market cap after lvmhwhen you compare to 40%. we see the stock which is in the red this morning certainly, these numbers were better than expected in a league of their own with the slowdown for luxury and the high end is not slowing down. >> interesting chart with the share perp formance thanks, charlotte. >>> coming up on the show, we are looking at angelo america which received a buyout offer. we will discuss more after this break. hi. i'm wolfgang puck when i started my online store wolfgang puck home i knew there would be a lot of orders to fill and i wanted them to ship out fast that's why i chose shipstation shipstation helps manage orders reduce shipping costs and print out shipping labels it's my secret ingredient shipstation the number 1 choice of online sellers and wolfgang puck go to shipstation.com/tv and get 2 months free >>> welcome to "street signs." i'm silvia amaro with frank holland and these are your headlines. >>> anglo america surge shares after a mega deal offer to create the largest

at the top, for the second year running, the lvmh boss, bernard arnault — who oversees the luxury frenchs vuitton. his net worth's understood to have grown io%, to $233 billion dollars. the forbes list includes a record—breaking 2,781 billionaires, more than ever before. let's hear now from chase peterson—withorn, who oversaw the compliation of the list. he's forbes senior editor, wealth. that must have been interesting reading for you. how would you describe the big trends in billionaires at the moment? why are we getting so many? its a billionaires at the moment? why are we getting so many?— we getting so many? its a banner ear for we getting so many? its a banner year for billionaires. _ we getting so many? its a banner year for billionaires. as _ we getting so many? its a banner year for billionaires. as you - we getting so many? its a banner year for billionaires. as you said, | year for billionaires. as you said, there are more than ever, and they are richer than ever, worth $14.2 trillion, which is $2 trillion more than last year. some of the major trends are that stock markets ar

at the top for the second year running, the lvmh boss bernard arnoh, who oversees the luxury french louis10% to $233 billion. the forbes list includes a record—breaking 2,781 billionaires — more than ever before. shares of chinese smartphone maker xiaomi surged 15% when the hong kong market opened today. it's the first trading day following the company's launch of its new su7 electric car. xiaomi is pricing the su7 at $4,000 less than tesla's model 3, and that is it. hello from the bbc sport centre. let's start with some breaking cricket news in the last hour or so — england all—rounder ben stokes has asked to not be considered for selection for this summer's t20 world cup to focus on his fitness. stokes says he wants to use the break to ensure he can be the "all—rounder i want to be" across all formats. he had knee surgery over the winter and bowled just five overs during the recent five—test series in india. the 32—year—old has already opted out of the indian premier league, which began last month. in a statement he said "i'm working hard and focusing on building my bowling fitness back

once again, breaking news crossing the terminal that lvmh is set to weigh options for its mark jacobs brand, apparently receiving buyer interest there. i developing story we will stay on top of. coming up, mcdonald's reporting a rare earnings miss. what is behind sagging burger sales? that is next. this is bloomberg. ♪ when you own a small business every second counts. 120 seconds to add the finishing touches. 900 seconds to arrange the displays. if you're short on time for marketing constant contact's powerful tools can help. you can automate email and sms messages so customers get the right message at the right time. save time marketing with constant contact. because all it takes is 30 seconds to make someone's day. get started today at constantcontact.com. helping the small stand tall. katie: consumers are thinking twice before grabbing a burger and fries. mcdonald's reporting disappointing first-quarter results thanks to slowing u.s. growth and the impact of the war in the middle east. starbucks reports earnings after the bell today, and the coffee chain is vulnerable to slumber u

talked about the sephora business -- sephora was great. >> it was great. >> for lvmh. so, are they losing out to sephora at this point? >> well, i think the competitive landscape is brutal, right? and it's getting to a place where the distribution channels are part of the exciting -- there's different tailwinds going on here, and i think it's innovation in beauty, which, you know, i'm sure you ladies can talk about, it's obvious. but i think you get to a place where you look at the sector and you look at the places where you've had extraordinary growth and ulta, you know, three weeks ago, kind of told you that. then, this data point, which, i think, is since that quarter. part of what scary for the sector is, it sounds like this is since they last reported. >> february and march. >> fresh data point. >> for a quarter that's two-thirds of the way over. they end in april, yeah. >> huh. >> that's a good point. >> so, it isn't good. now, the e in blicep, which is estee lauder, i think they have this priced in two years, you know, a year and a half ago. this is part of the

at the top, for the second year running, the lvmh boss, bernard arnault, who oversees the luxury french vuitton. his net worth's understood to have grown 10%, to $233 billion dollars. the forbes list includes a record—breaking 2,781 billionaires — more than ever before. chase peterson—withorn oversaw the compliation of the list. he's forbes senior editor, wealth. and he told me about what's driving some people's wealth up so fast. it's a banner year for billionaires. as you said, there are more than ever, and they are richer than ever, worth $14.2 trillion, which is $2 trillion more than last year. some of the major trends are that stock markets around the world are up, and these people, by and large, are some of the biggest beneficiaries of the stock market because they own large shares in publicly traded companies around the world. as markets are up, so are the billionaires. you can see that especially in technology. tech stocks are going through the roof, there is a tonne of enthusiasm for al, so we've seen a lot of new billionaires come into the ranks this year who have ai companies

we are not seeing this recovery story quiet yet for lvmh.is impacting the wine and spirits division. these are much more cautious about cognac and. we have organic sales down. we are also suffering down 2%. request what is the broader be to cross then? we are lined with very low by expectations. the acute demand on environment. we will see how this pose for the second half of the. >> thank you very much. with uninspected bookings for the first quarter. the first quarter. we have of spirit to someone. and you want people to be saved and to have a better life, then you don't stop. we have been able to reach over 100 million people impacted and affected, and at risk of hiv. the rocket fund takes all of the work that we're doing, all over the world, and looks at the most effective ways, to get resources to them, to get services to them. the idea that we have saved five million people's lives, it's overwhelming. it's everything. chris good morning, this is daybreak europe. i am tom mackenzie in london. the stock selloff takes a breather. jerome p

revenue fell march 2% year over year to $22 billion and there's a lot of designer names and products and lvmhays demand for champagne and cognac was challenged due o a cautious attitude due to u.s. retailers. live nation it's been in the red all day. it's at bottom of s&p 500 down 7.13% and wall street journal reported the justice department is prepared to file antitrust lawsuit against the concert promoter as soon as next month. doj probe into live nation began in 2022 and gained momentum that year after ticket master, it's division, crashed after a fan presale to taylor swift's era's tour. the journal said the regulator is expected to allege the ticket master using dominance in the ticket selling space to undermine competition and that is a big no no with this doj. all right, the trickle down effects of high interest rates rearing their ugly head and housing starts tumbled and one major real estate project in west palm beach going full steam ahead and west palm $300 million glittering complex is near completion completion. perfect timing and interest r ates are too high to buy. billionaire

at the very top of the list of 2,784 billionaires is lvmh french luxury goods titan bernard arnault who233 billion. still to come: lean back and relax, as i talk to an expert on how to reduce stress in the workplace. around the world and across the uk, this is bbc news. let's continue with the business coverage here on bbc news. the head of the un's intellectual property agency has told the bbc that there's not yet the appetite for new global rules to govern artificial intelligence. he was talking as new figures show that al is behind a growing number of the international patent applications that his organisation administers. however, the overall number of applications fell last year 1.6% — the first fall in 14 years. 0ur reporter, jonathanjosephs, asked world intellectual property organization director general daren tang if that means the difficulties in the global economy were getting in the way of innovation. i think what we're seeing for the last two years is there has a difficult situation matter economically, interest rates have gone up, money supply has dried up and with the resu

so is gucci doing something wrong versus peers like lvmh and others?icult marketplace but if your brand is in the right place, you can do well. some of their other brands are doing better. but overall, you see elsewhere what they are doing with all of the other brands. if you think about yves saint laurent, it will be out the lower price point, balenciaga, you cannot get ahold of their banks, they are hot again. but, everywhere they are doing a cleanup whereby they are taking around 25%. you could see on the numbers, minus 25% out of wholesale. you have gucci dragging their own retail, no one is going in the store. they are pulling out of boutiques and department stores and trying to elevate all of their brands at the same time. it's really a difficult place for them. china, otherwise, you have to have your brandon scott. even for the gucci and all of their brand range. what we call the chinese cohorts moving out of the mainland, shelving elsewhere, japan is at 16% because weakness of the yen and we are seeing that also with gucci. some shopping on yen

we're going to get lvmh sales as well so a key gauge on the health of the luxury sector and follow that firm earnings news from goldman sachs. the of can others follow suit in terms of the pickup they see. the earnings story being fleshed out later today. you can get a round-up of the stories you knew need in today's edition of daybreak. get a deep dive there. coming up, israel vows to respond to iran's attack over the weekend. does the west call for restraint? we get the latest next. this is bloomberg. ♪ tom: welcome back to bloomberg daybreak: europe. we're going to check oil is gold for you right now. the pricing action about the back of comments from israeli officials reiterating that they will, at some point at least respond, of course, to that unpressed -- unprecedented attack by iran over the weekend. gold medal up .2% so far. and the move in oil was less pronounced this time yesterday but we've seen the moves higher. above 90 dollars a barrel. when it comes to w.t.i., also moving higher. close to $8 a barrel. the u.s. house set to vote separately on new aid to steal and ukraine

you have a company like lvmh. we need to see what transpires with their sales trends.continuing to see travel? and what is the demand from a bottom up perspective on mainland china. porsche is another case in point where china is critical. with them, you have got the high end sales trend. you have also got the transition to ev. china is on the order of 30-30 5% of its earnings. i think it does depend on which company, which trends you look at. in technology, you can't have a conversation today without talking about ai. nvidia might be the poster child from the chip perspective, but asml is the enabling technology. and seeing what their order growth in terms of capex spending will be crucial. tom: tim craighead with an important preview of a crucial earnings season. but commit occasions advisor for the white house national security council will be joining surveillance to discuss the escalation, middle east. "markets today" is up next. this is bloomberg. ♪ ♪ >> good morning from london, i'm guy johnson with trading less than one hour

at the top, for the second year running, the lvmh boss bernard arnault, who oversees the luxury frenchon. his net worth's understood to have grown 10% to $233 billion. also topping the list elon musk, jeff bezos, mark zuckerberg and bill gates. let's get more from chase peterson withorn, who oversaw the compliation of the list. it's a banner year for billionaires. as you said, there's more than ever and they're richer than ever — worth $14.2 trillion, which is $2 trillion more than last year. so, some of the major trends are stock markets around the world in a lot of the world are up. and these people, by and large, are some of the biggest beneficiaries of the stock market because they own large shares in publicly traded companies around the world. and so, you know, as markets are up, these billionaires are up. and you can see that especially in technology, tech stocks are going through the roof. there's a tonne of enthusiasm for al. and so we've seen a lot of new billionaires come into the ranks this year who have ai companies or who are using ai in their business. but it's also reall

lvmh reported slower sales growth as wealthy consumers reined in spending.enue at the luxury group's fashion unit rose 2% in the first quarter which is the slowest pace of growth since the pandemic began in 2020. sales in asia outside japan fell 6%, although chinese demand was higher. rio tinto has reported a sharp drop in first-quarter iron ore shipments as chinese demand remains soft. the world's second biggest miner said it exported 78 million tons of steel making material, marking a 5% decline from the previous year. output of other materials including copper and aluminum were more robust. looking at some aussie miners we are tracking so far, it is a story of broad weakness coming through for these names. rio tinto, that drop in iron ore shipments the first quarter of 5%. that stock down .5% at this point broadly when you look at how asian equities or aussie equities are faring so far it is a slight bit of upside. you see that materials and energy stocks are the big laggards in the session so far. it is that question around rate cuts as well playing into

person familiar, chanel in discussions to buy 745 fifth avenue, but is competing against the likes of lvmhct that you see competition among luxury retailers for some of the big-name buildings, what signal for the rest of the market take from that? joe: what it is is they move cyclically with stock prices in terms of the luxury retailers. when the stocks are beat up, they are liquidating assets that they owe the folks like thor equities, and when the market starts to -- operating outside the real-estate world, the likely business is performing well, they become buyers. a lot is driven by fear of paranoia that will the next boom or demand wave for space because folks like that, us, to take advantage and overcharge them for rent for the best locations out there? they are being preemptive now. a lot of companies believe we have got big inflation coming down the road. maybe not short-term, but down the road. they view real estate, whether it is luxury companies or anybody from any industry that's conscious of the long-term potential macro effects of inflation, trying to preempt it now and take

still bernard arnault, head of lvmh, which owns 75 brands, including louis véton, christian dzior, tiffanya year, bernard arnault’s fortune grew by 22 billion, and now he has 233 such billions. in second place is elon musk, an interesting detail, for 4 years the cost spacex has grown almost fivefold. in third place is the founder of the amazon online store jeff bezes. for the first time , an american singer was included in the list of billionaires. the russian stock market has been growing for 7 days in a row, today optimism was supported by rising oil and gold prices, analysts say that in the near future the russian market may continue to grow on expectations of dividends, but there are no other factors of support for the russian stock market yet. i lost my ruble today. april will stop servicing cards of the russian payment system mir, operator local payment system is directly explained by the fact that in february of this year the us treasury imposed sanctions against the nspk company, the world operator. and kyrgyzstan wants to minimize the risk of secondary sanctions. abkhazia, south o

>> i want to see any narrative coming out of lvmh, the parent company of louis vuitton.e in lots of businesses like champagne and upscale -- >> at least with regards to the louis vuitton, handbags and things like that, i want to know this business specific to gucci, i don't think it's purely business specific. i think this has to do with a slowdown in demand. maria: maria: look at interest rates this morning, the 10 year treasury yield trading this way ahead of the first read of first quarter gdp out, it's out this morning at 8:30 a.m. and the yield on the 10 year at 4.65%. on the gdp we're expecting growth of 2.4%. we've got the fed's preferred read on inflation as well. the march pce index is out on friday. kevin, let's talk about the fed. we've got the fomc meeting next week. will we hear more over time, over time, jay powell keeps saying that. i think they're giving up on the 2% target. >> in have. the long awaited economic slowdown has finely come to fortune as we can see the 2.4% growth for the fourth quarter. they raised the inflation target to 2.6%. that tells me

what we're also seeing is whether -- talking lvmh yesterday. you saw the companies with a burst of consumer discretionary spending that i think was artificial in covid, have worked through a lot of that. they're suffering ow meanwhile they were outperforming for a long time. >> i think a lot of this has to do with labor hoarding i think labor hoarding came out -- there's no one qualified for a job. you can't get any applicants for a job, so they wind upholding on to the employees they have and pay them more, so wages have been increasing. but they're waiting for rates to come down. how long can they wait for rates -- for interest rates to come down to keep that crew of people they have working for them if that keeps getting pushed off, do they start firing? do they start laying off we're seeing it with the tech companies now, but that's for a different reason what happens when you start to see mean street starting to lay off because they're saying, well, rates aren't coming down i can't hold on to these workers anymore. then i think the market

when you go to kohl's, my kohl's says, kohl's/sephora, and lvmh own sephora.underneath ulta. it was mentioned only by transition, by mr. kimble, and my worry about them is that they have met the competitive threat, and it is -- it's kohl's. it's not themselves. >> yeah. ulta managing to find a little leg here after a drubbing yesterday. >> very good company. but kingsbury, i have had dinner with kingsbury, and he's a clinic. you get there and you think you got all your questions, and you realize after seven minutes, just shut up and listen. he's also dynamic, terrific guy. we've got -- we're getting a lot of, i think, a delayed reaction to the fact that intel, which was terrible, has to spend a lot more money on semicap equipment. there are a lot of people who believe that semicap equipment was damaged in taiwan. the earthquake, it was as if people said, the first day, everything's fine. and now, we're getting a read, say, within applied materials, within lam research, maybe something did go wrong there. i can't tell. all i know is that it's a tech day, and a

. >>> shares of lvmh rising. other divisions include champagne and jewelry.y fell by 6% in the first quarter. they attributed that to chinese buying outside the company. >>> shares of adidas jumping in germany early this morning. that comes after the company unexpectedly raised its full-year guidance and increased its year-over-year increases. it's been selling off its yeezy inventory after breaking ties with the rapper formerly known as kanye west. it will result in additional sales of around 200 million euros. >>> coming up, the u.s. considering additional sanctions on iran in response to attacks on israel over the weekend. that story after the break. as we head to break, a look at s&p 500's winners and losers. [thunder rumbles] >> announcer: wehners and losers is sponsored by state street global advisers. ♪ ♪ the biggest ideas inspire new ones. 30 years ago, state street created an etf that inspired the world to invest differently. it still does. what can you do with spy? ♪ ♪ [thunder rumbles] ♪ ♪ >>> welcome back to squc box. the s&p 500 looking right abo

you just saw the results from lvmh, the juggernaut that the luxury juggernaut. and then that's due to china inflation and all kinds of things. but at the same time, luxury housing spending in this it's country has gone down considerably. & prices have declined 7% this year. and that was two declines. everyone in the pandemic bid up these rich houses and they were living in their beautiful estates. and now the prices are going down. and so you could get a real bargain on mole. the question i want to dollar, he is kara, are you personally doing what you can? >> to reverse this trend? and put spending on luxury items up. >> you've got a very successful, get that, but i'm not quite in your group, but i for the rest of us here, let me just put that out there anyway, i think it's interesting to see what happens here and the prices were elevated and now because of a lot of reasons down, it'll be interesting to see where it goes. but the economy kind of hangs on and spending maybe not how i'm spending. ending is pretty strong. >> i think it just the price has got out of

you can push russia out of the lvmh market and give less liquidity to the swiss refining centers butom that point of view, challenging the u.s. dollar and the hegemony and of the u.s. is the boat emerging markets. we see -- lisa: is there a limit the amount of gold central banks can hold on a relative basis to their reserves? >> he would have to ask central bank reserve manager. from that perspective, incremental gold holdings have grown. right now they are representing around 25% of annual gold production. as that number increases that is price supportive. it lifts the price for of gold and damps downside price volatility. that is why i think we are in a new regime shift and it could be multiyear and multi-decade. jonathan: where it bitcoin fit into this? is it a competitor to some of the forces you are talking about that support gold? alicia: -- >> on the retail side we see bitcoin as part of the fiat story. from a central bank or official sector standpoint we do not view crypto and bitcoin as digital gold. we view it as an alternative or separate asset class. gold holdings increas

. >> champagne sales were down at lvmh. >> thank you not drinking champagne and buying art. >> might side or something, about as posh as we get. but i think the stock market goes up win these do risk-reward still -- >> when will it start to go up again, based on your view? we've been coming down as a result of yields going higher and what's going to -- change -- >> like four days out of the last 1,000. >> okay. >> i'm kidding. >> percentage points. >> i get it. >> not insignificant. >> what i think is that every -- it's a moving target you guys know, everyone says oh, well the 10-year gets above 2.5 the stock market is annihilated and then became 3 and 3.5 and then 4 and now 5 so the question is, do you believe earnings can grow? do you think margin goes up? it's all financial conditions. if you get worried there's auctions from the fed and 10-year backs up and we get spooked on the viability of the u.s. financial system, then yeah, multiples go lower for two or three weeks it's healthy the fed isn't cutting rates. i never understood how there were seven cuts in there we will get a c

now, sephora's lvmh, arguably the company that's doing better than anyone in the world, they're up againstlta. >>> when we come back, some m&a in the mix today, closer look at j&j's $12.5 billion deal for shockwave. nice batch of upgrades today. eden, sofi, axp, pepsi. we'll see if these gains can hold throughout the day given some of the concerns jim has outlined so far. we're back in a moment. [alarm beeping] amelia, turn off alarm. amelia, weather. 70 degrees and sunny today. amelia, unlock the door. i'm afraid i can't do that, jen. why not? did you forget something? my protein shake. the future isn't scary, not investing in it is. you're so dramatic amelia. bye jen. 100 innovative companies, one etf. before investing, carefully read and consider fund investment objectives, risks, charges expenses and more prospectus at invesco.com. [ragtime piano plays] the adversaries are back! [gasps] ugh. sheriff, i got this. protecting your business from cyber attacks can be unrelenting. today's adversaries move fast. crowdstrike moves faster. crowdstrike. we stop breaches. >>> i was supporting the

lvmh is up like 10%. an absolute clinic on what gucci is going through.at that clinic? annmarie: there is a lot to dissect here. jonathan: annmarie: the design problems? annmarie:a different creative director to jonathan: a new vision. jonathan:what is annmarie: annmarie: the new vision now? it's more sleek. his first runway show was a great overcoat and it wasn't extravagant. it was more sleek, think vintage gucci in the consumer base is different. they need to shore up new clients. jonathan: sales of gucci down 18% in the first quarter, held back by china. less on gucci in the next hour in the senate passing the foreign aid bill. >> after more than six months of hard work, many twists and turns in the road, america sends a message to the entire world -- we will not turn our back on you. jonathan: that conversation is around the corner. live from new york city this morning, good morning. ♪ how am i going to find a doctor when i'm hallucinating? what about zocdoc? so many options. yeah, and dr. xichun even takes your sketchy insurance. xi-chun, xi-chun, x