certainly lvmh posting worse than expected posts. the slowdown in luxury wasn't expected. >> we see lvmh as the weakest among the quality names, they say. i thought this was the bellwether. is this really symptomatic to try to show ultimately the weakness itself is deeper than some had thought because there were maybe some areas that were managing to stick higher. fashion and leather goods, of course, have fallen 5%. is there something at play within lvmh, or is this a key? >> we've seen the luxury players, catering to the higher end of luxury, are doing better. you see that. bernstein is saying demand will return at some point, and the shares may have gone down 20% this year for lvmh. this could be the time to buy the stock because maybe there will be more values. but you have low interest rates in the u.s. and europe. the nonexpensive stock trending lower, it could be the time. we see also within the stretch of lvmh new creative directors coming on board. the new leader bringing his children begrudgingly. there's renewal within the

lvmh fell as much as 10% in u.s.rading after the luxury goods giant missed estimates with third-quter earnings. lower chinese emand led to sales falling for the first time since the pandemic. we are joined by global managing editor rachel chang. not a big surprise on some levels that there is software demand out of china for luxury goods. the numbers within the mix for lvmh causing angst for investors. >> definitely so, we have seen bad numbers for luxury brands in china for most of the year but this set of results was a shock to the market and will continue to play out as europe wakes up because things seem worse than expected. the drop in china revenue was expected. that happened last quarter but there was a drop lower than estimates in the important fashion and leather sector for lvmh. that hasn't shown bad results since the lockdown in 2020. this is as bad as then pay last quarter, we saw bright spots. japan was doing well for lvmh last quarter because we saw chinese tourists going to japan to buy bags instead of

we like both lvmh and estee lauder not in the short-term, but midterm. at where they're priced right now at a discount to their prices all year. they've got really, you know, we really see this china stimulus affecting them positively over more than just the short-term. >> okay. you mentioned moisturizer is a must have. there are other things that lvmh sales that is not beauty. they have soft luxury. this your mind, outside of china, what reaccelerates the sales there? in europe, i was there earlier this year. consumers are under a bit of pressure. >> yeah, listen, you know, lvmh, i call it the stock or the brand that has everything you need to have a well lux life. to your point, they have so many different areas of luxury. we like that diversified revenue stream. the consumer is cyclical, but we were talking about china earlier. to put this in perspective, the chinese consumer is 20% to 25% of total growth of lvmh. you can't take this and put that aside. i think, you know, really coming on to holiday, we're expecting good things from lvmh even outside

we had the handout from lvmh and had the chart. >> stellantis.irbus layoffs today. >> stellantis, by the way, trying to build more ram trucks in mexico while presidential candidate donald trump is going to slap, you know, going to violate the whole -- the tradition of nafta, let's put it that way, and say, we're going to ruin stellantis. stellantis has become the punching bag of the auto industry. of course, it's really gm that has the most in mexico. don't forget that. >> yeah. stellantis sees quarter shipments down 20%. they're going to pause some more production in italy. >> yeah. i mean, look, this is where the economy is weak. this is what jay powell has to focus on. this is what jay powell has to focus on. that's what he should be worried about. >> what should he be worried about? >> i'm saying there is weakness in the economy. >> and it's reflecting itself in car sales? >> yes. >> okay. >> yeah. i think that that's -- >> got it. >> cars are huge. by the way, michigan, we got vice president harris there, talking about, to the population of

can you create an american answer to kering or lvmh when you look at lvmh, they have 75 brands underoof kering is 11 ric richemont is more than 11. it is all the giants that keep ak cquiring stakes because competition is so intense, especially now with a slowdown in the luxury market and fighting over consumers. the buyer is squeezed out. prices are going up. the counter argument is these brands, michael kors or coach, are the accessible luxury. they are the lower end of it if it is a tieup and prices go up, consumers won't have access to the bags. lvmh and others pushing prices up at the moment you see the argument on both sides. the companies say they will appeal the decision. it is interesting to see this play out in this wider luxury market that is going through so much tumultuous times at the moment you see why they want to tieup forces and join forces to serve the competition with the european players. >> i wonder if this will start a trend in europe. the numbers you highlighted for the european companies are actually quite impressive. let's see whether regulators will look at

french luxury giant lvmh's sales fell 3% in september.vmh saw sales fall 3% from july to september, because of weaker demand there demand in china and japan. the core fashion and leather goods division fell 5%. it's the first time the division have seen a slump in sales since 2020. see you again soon. hey, i'm zof with the catch—up. tonight, the latest in gaza, weight loss jabs and a cute baby rhino. we start in gaza, where the un says the situation is desperate. they've delivered food there for the first time in over two weeks. about 400,000 palestinians remain in northern gaza after fleeing from other parts of the territory. hundreds of people are reported to have been killed since israel launched an offensive in the north, which they say was to root out hamas fighters who had regrouped there. now, the us has given israel's government 30 days to urgently boost aid access in gaza or face having some military help cut off. some other stories now. thomas tuchel has agreed to become the next england manager. the bbc has been told the german

lvmh absolutely dreadful. check out this move over in paris trading we are down by 4%, sales are down as well. fashion and other good sales dropping for the first time since the pandemic. take a listen to this parade at a time when everyone is getting bowled up about prospects from china consumer confidence is back in line with the all-time low reached during covid. >> it goes to at citigroup put out and they sent individuals to china and they came back saying there's no increment of luxury consumption after the macro policy pivot. not just bad in china when it comes to lvmh and 75 brands across clothing, jewelry, hotels but also in japan they are not seeing because of the higher yen. they're not seeing them spend as much there. the u.s. and europe so luxury is not doing well right now. >> just to point out this the first decline for lvmh's sales. how much is it that china's economy is doing worse than people think or how much is it that china's economy has gotten that much more isolated from the rest of the w

zbl >>> and shares of lvmh down 8%. when "fast money" returns.o they can make every customer feel like they've arrived before they've left the ground. this is how business goes further with t-mobile for business. after last month's massive solar flare added a 25th hour to the day, businesses are wondering "what should we do with it?" bacon and eggs 25/7. you're darn right. solar stocks are up 20% with the additional hour in the day. [ clocks ticking ] i'm ruined. with the extra hour i'm thinking companywide power nap. let's put it to a vote. [ all snoring ] this is going to wreak havoc on overtime approvals. anything can change the world of work. from hr to payroll, adp designs forward-thinking solutions to take on the next anything. >>> welcome back to "fast money." >> you've got to tell people. >> no, we don't. waste of time. chart master says it is time to take your money in tesla and run. stock dropping to the penny to the three-year down trend line taking a big leg lower. tesla also getting more bad reviews on wall street. wells fargo saying

charlotte, we were poring over lvmh numbers yesterday.he significant drifnks presenc and the reverse today. >> the picture they gave of the appetite from the chinese consumer here. that is what we her as well. the q1 organic sales down 6%. that was a big hit from china down 26% in the quarter. they downgraded the forecast for the sales for the region. now expect to see a more significant decline than last year. last year, sales were down 10% in china. we know that some tariffs are coming into play for cognac as well as china decided to put the new tariffs there. we hear from pernod ricard will take actions to mitigate the chinese tariffs by marketing costs there. we know they make 10% of the sales for pernod ricard with that were cognac. looking at the other markets, the u.s. is continuing to see normalization of the market there. they had heavy inventory post-pandemic. they are pushing into the pre premiumization for spirits. last year, people not wanting to spend as much on their spirits there. they say things are going back to normal.

we're watching luxury names getting dragged down after lvmh reporting a decline in yquartery sales sincehe pandemic. our jp ong is in singapore with much more of the action in hong kong. over to you. >> frank, good morning. that bleak forecast on asml casting a block spot. the question is how dark a cloud was that actually. the two heavyweights in terms of chip fabrication and the home to the big chip heavyweight fabricators, tsmc and samsung, also aslm's biggest customers. the stocks really not falling off a cliff. most selling off by more than 2% by the close here this wednesday afternoon. really the big loser, you have to head to japan. one stock that took a hit harder than most is tokyo electron it's that bleak sales forecast. it will not be as roy bust as initially thought. that's going to hit tokyo electric harder than other chipmaker. you saw other losses dwarfing. softbank for instance. in the chinese markets you saw it hit hard. the indices falling. there's one bright spot. the housing ministry of china will be holding a house conference tomorrow. there might be stimulus for the

we get earnings from goldman sachs and citigroup, we will give you all the context and sales from lvmhto what extent are they still facing the china challenge, that story as well in focus. get a roundup to get your day going in daybreak. go to d.a. why bigo and front and center is the story around restrictions on ai chips. coming up oil is slumping, israel will avoid crude infrastructure and focus on the military. we bring you the details next, this is bloomberg. ♪ to me, harlem is home. but home is also your body. i asked myself, why doesn't pilates exist in harlem? so i started my own studio. getting a brick and mortar in new york is not easy. chase ink has supported us from studio one to studio three. when you start small, you need some big help. anas earn up to 5% cash back on business essentials with the chase ink business cash card from chase for business. make more of what's yours. >> welcome back to bloomberg. will under her asher. wti above 71 doll hairs on reports of israel's prime minister telling the white house he is willing to strike the military rather than oil or nuclea

french luxury giant lvmh saw sales fall 3% from july to september, because of weaker demand there demandore fashion and leather goods division fell 5%. it's the first time the division have seen a slump in sales since 2020. the paris motor show, electronic vehicle makers, just last month the eu said it was impose hefty tariffs on chinese made electric vehicles, saying they received unfair subsidies which allow them to sell cars cheaper overseas. 0ur which allow them to sell cars cheaper overseas. our reporter met with their boss and asked if they received subsidies. first of all, we are privately owned, our ownership is transparent, we are listed in the us and hong kong. so compared i would say to globally, we are as transparent as any other company. secondly, the reason we are competitive is because every year we have fought tooth and nail to the most competitive market in the world, the chinese e v market, competing with tesla and chinese brands as well as global brands. that competition, the core competencies, and our technology... we are bringing that technology from the fierce chine

the former lvmh executive takes over in january. has struggled with cooling demand for goods in chiner, falling by more than 40%. co-founder of gp with his views on where to invest in ai coming up. this is bloomberg. ♪ ♪ >> happy wednesday. breaking news from the french and bank of governor, excuse me, central-bank governor. it won't be the last. it won't be the last. he suggests space for the ecb. 90% chance of another cut, it will be the furred one,, markets expecting 47 basis points of cuts, euro-dollar 109. the u.s. is weighing breaking up google seeking to prevent it from using crown and android to its advantage. google said that would break them. gp all star awards kickoff in london. let's bring in a manager of gp bullhound. how big tech is shaping the go system. is this supportive? talk about concerns amongst lawmakers? >> dominance is growing false. a little bit of dominance can benefit the customer and we want that. there are classic examples of amazon, they changed lives but they are dominant. the ability to order pretty m

difficult of course, china has been the real problem reporting the other day direct comps down 17% lvmhat to down that's the best in breed we have these impossible comparisons. let's face it, the pricing of luxury has gone up between 30% and 50% over the past few years. consumers are now looking at these bags saying do i need two $5,000 bags per year and the answer is absolutely not a little bit of luxury exhaustion here. some of the companies are talking about a recovery in china pushing it out to 2026 at this point so, i think you've got a long road ahead for luxury brands some will struggle more than others like burberry and kering. for everybody, we entered a down cycle for the business. >> widlitz stacey widlitz, than. >> thank you, frank. >>> coming up, what beijing is about to do to boost stocks again. >>> first, some of the top trending stories the match up with the yankees and dodgers is turning into a hot ticket now $1,700 s stubhub premium seats topping $20,000. >>> if you went fishing for the latest goldfish crackers, limited edition chilean sea bass and the first batch was

shares of the europe's top luxury stocks pulling back including lvmh and hermes. the chinese consumer critical for these companies. china is a key source of external demand. we are seeing investors hit the sell button on that news. in terms of what else to expect in the week ahead, frank, of course it is a monday kicking off trade today. we are counting down to the ecb meeting on thursday. anothe another 25-basis point is expected. that's the state of play. frank, back to you. >> thank you, dan. dan murphy in abu dhabi. >>> we check on the big money movers. we start off with boeing tritr surprising it will cut 10% of the global work force and delay first deliveries of the 777 jet by one year and log $5 billion of losses for the third quarter. shares right now are down 1.5% in the pre-market. all three of those announcements tied to the month-long labor strike. the ceo says the downsizing is necessary to align. >>> buffett buying 3.6 million shares of sirius xm. he holds 109 million shares of sirius, a 32% interest in the company. shares up 7%. >>> today is day one

in ueurope, we hear from lvmh ad morgan stanley and then on thursday, netflix and in europe, netflixbb. we have laura cooper at newbearn. laura, welcome to the program. clearly a lot of factors at play. of course, china front and center right now. what are you telling clients about the china stimulus and investment outlook? >> i think so far the china stimulus has underwhelmed expectations. we are waiting for signs if they willsuccessfully implement some of the measures. i suggest it shows upside risk for china. overall, the positive spillover effects to the market economies more broadly is still uncertain at this point. i think we are tankking a cautis stance on the chinese growth back drop in particular. >> laura, really interesting. you are taking a cautious stance. i've smpoken with other analyst today who have known president mar money in the markets. >> i think if we speak to china in particular, we need to see signs of greater domestic demand. we looked at data last week and it suggests deflationary pressures. it shows the economy is still under pressure. we have yet to see th

lvmh down 2.66%. burberry also losing ground.mentioned, goldman hiked the forecast seeing the world's second largest economy growing 4.9% versus the 4.7% expected. the lender has raised its 2025 growth forecast to 4.7% from 4.3%. let's get more insight and reaction to this with janet mui. she is head of rbc. i want to get your take on what unfolded in china and what was announced on saturday. as i mentioned, investors here, perhaps, disappointed by lack of detail, but china market investors, on the other hand, encouraged by the willingness that we've seen from policymakers to do more. what did you make of it and what is the ultimate end goal here? >> good morning, dan. thanks for having me. i think these are steps in the right direction. i agree we have to be a bit more patient. i don't think china's structure problem can be fixed in a short period of time. i think they indicate they are willing to do more despite the lack of detail. i also think that maybe its better for the authorities to have a clear think through of the actua

that's really interesting because if i want to go best in class, that should give me a degreeinsulation lvmhs best in class. that is a great example of what you just explained to me about the china focus even though it is a company, it's a brilliant company. >> china is just a key headwinds. going forward, you need to think about the balance of risks and where we are at. if the products derated more and down side, the change in the china narrative and china policy story, potentially there is upside there we like european lux >> it's a great point. again, i asked four questions a lot on this show i don't ask any other questions. one of my key kwee questions hon times can you sell >> that's a recent change we made to upgrade them it really is plenty of headwinds and the china story can still be a drag, but directionally. >> i'm looking down at the screen and the ax popopen and i haven't seen a print on philips. interesting. how do you see the u.s. equity market >> it is a strong equity market. when we think about our strategy, we bar bell with the continental europe and the u.s we are going in

especially when you get reminders of weak chinese demand and how that's reflecting even in the sales of lvmh that luxury retailer, and this offshore concern also makes you wonder how much the extent in which whatever hong kong policy briefing we are going to get today is going to be able to excite investors. >> on the back of that let's head to hong kong where the chief executive is delivering his annual address. steven engel joins us from outside the government headquarters. we know growth is in target but really sentiment lackluster. steven: it's all about confidence, we see that across mainland china. stimulus did help boost that confidence but how long will it last? that's the big question. we've had a multiyear slump exacerbated by the pan democrat take began in 2020. before that we had years long protest movement that sort of culminated in the national security law and passing of article 23 domestic security bill and also a complete revamping of the, you know, electoral process. so there's been a number of different stresses. hong kong simply hasn't gotten its mojo back. economically w

we see all of the talks and lvmh and the brand with a lot of those drinks makers are impacted by thisecision. >> let's see what happens then. maybe it is the opening conversation. we will sigh how it plays out. charlotte, thank you for that one. >>> let's get into the world bank story. it's far away from the 5% that china put forward. it does come despite a raft of stimulus measures the last couple weeks. this is among the low consumer and investor confidence and structural challenges like geopolitics as well as an aging population. we have the chief economist for apac and china at society general. the market has been asking how they would achieve it and the stimulus measures came through. it was at the start of the fourth quarter that was always going to be tough toachieve that 5% anyway, wasn't it? >> i think getting to the 5% is not that difficult when you think about it. they had been starting pushing up consumption and very delayed fiscal impulse that they didn't push out in the first three quarters of the year. they're not going to miss a lot. the question is more whether china

. >> that was tiffany mcghee at pivotal advisers yesterday making a case for estee lauder and lvmh. next guest will look at the real test. all will be revealed in this half hour. welcome back to "worldwide exchange." i'm frank holland. let's get you ready for the trading day ahead. we get look at the u.s. stock futures. take a look. still in the red. a bit off of their lows from earlier today. so the s&p down fractionally, down about six points t dow would open 55 points lower. the nasdaq down nearly 40 points. the nasdaq and s&p both of them coming off their best day since mid-september. shares rising 4% yesterday, talking about nvidia. you can see right now in the premarket, shares are up 1 1/3 percent. salesforce gained about 2.5%. we're watching the big stock story of the morning. that's alphabet. take a look. shares down some. almost down 1.5%. this is off news the department of justice late last night followed recommendations with google including recommendations for a potential breakup. our eamon javers will have much more on that story coming up. >>> we'll check on the bond

lvmh is struggling region moment and carrying the other big 3 are all seeing sales climbed while for may's is doing great. so coveted birkin bags and covered it. kelly bags. named after the iconic jane birkin and named after princess grace. kelly. they double or triple in value because you can't find them so you could evade their double or triple. they're actually pretty good investment. that sounds good to i you know, i went on cause of this. i went on and i said. >> how much is a birkin bag? i looked at like what you're talking about. the resale. so it's an investment that's because some of them. >> have diamonds on the bag. so i found a bag that was going for 450 1000 dollars. you impressed but did you did you order it? that's cool. >> if you know, in fact, the average bags seemed to be about 30 grand because it depends on the size and then like, you know, the color and all that. >> i once went into her amazing about like like a sky. okay. now i'm of that kind of money. i've got money, but not that yeah. well, that's just wasteful. and i know you're not into that. you are correct.

the fourth richest is bernard arnault, the french founder and ceo of lvmh, the world's largest luxury goods company. i don't know because they don't sell it at tj maxx and at fifth place is larry ellison, who co-founded the software company oracle. next at six, what is old is new again, believe it or not, when it comes to our devices. yes. so did you ever think that the buttons on the phone would return? they're making a comeback. yeah. so think a little blackberry here and phones without a touch screen. some consumers are now calling for devices to be revitalized, and companies found consolidating functions into a touch screen is cheaper. but you have to look at the screen to actually make it work. tech experts tell the today show. companies are trying to find balance in their new products. governor walz i do think we're going to start to see more of these manufacturers start to converge and think about where does the touch screen make sense. and where does a simple button or knob or control make sense for a user? you can see the full story on the today show and see which companies a

annmarie: this is why i am confused about lvmh.d purse, but are they at a place where they can experiment? dana: they do the a they have the wherewithal, the design power. look what they do with activations, whether it is what pharrell williams did, the liv-ex, now formula one. they set standards and have a wider range. laroe, owen -- owned by the olsen sisters, got an investment. jonathan: good to see you. appreciate it. dana telsey there of telsey advisory group on luxury and the shortened holiday window for these luxury companies to sell goods into. coming up next, greg daco of ey and erik knutzen of neuberger berman. no doubt we will get their opinion on whether check should be on the inside or outside. bank earnings kicking off on friday. jpmorgan and wells fargo get things started for you. in the equity market, about an hour away from the opening bell. s&p futures on -- just off, -- the 10 year through that level. we are higher across the curve from 2's out to 30's. crude up, 75.85. this is bloomberg. ♪ personalized financial

it is a luxury in the same way we described lvmh. does it need to be longer term?ic, it's affluence, very much. when i'm in the big cities in the u.s. i see thinkenthusiasm. out of the 1city it's less. football is the preemdominant sport. we need to gain arparticipationn the united states. the niche, big in south america. 430,000 last year. >> you want it to be luxury but aspirational? >> we want to be luxury, inspirational and also want to provide opportunities for people who can't afford to pay $1,000 for a ticket. >> long term, i know your wife's involved in this. do you want to have more female drivers in f1? what does that look like? >> absolutely. i mean, i've been with -- for many year, 15 years since my wife and i are together. i've seen struggle agency professional racing drivers. preconception a woman isn't fit or strong enough to drive a car and that is simply not true. that's why she's running formula 1 academy, also formula 1 series as managing director with the aim of having more women in formula 1 in a few years and needs to start -- a few years ago,

but we bring in resources from across the entire federal government that includes our partners at lvmhvices, the army corps of engineers, and the department of defense has been a big supporter of our efforts overall. >> we planned for this. it's not a surprise that multiple hurricanes can hit back-to-back. we understand that's a reality. we plan for it. we have waste to surge. no one needs to be concerned that fema doesn't have the resources to respond >> thank you so much for coming on and sharing those details with us to come on. cnn news central conversations with local officials as well as residents while hurricane milton gets closer sure. and closer to the gulf coast with deadly promise, stay with cnn saturday at nine on cnn? for over 25 years, loved sack has been rewriting the rules of comfort. it's okay to change your style, get messy yet immersed with loved sack you make the rules and the furniture business. >> things move fast. ziprecruiter helps us hire qualified candidates who keep up. >> we needed a project manager yesterday, we posted a job and ziprecruiter and had our guy

it's also attacking sweet -- >> did you see this piece of lvmh looking at kalcohol-free wine?nd candy. >> i had candy. i didn't finish it. maybe it needs alcohol. >> you should work for nike. >> by the way, thanks phil lebeau on nike. they announced the mixed results last night. this is the cfo on the call. >> given our ceo transition and with three-quarters left in the fiscal year, we are with drawing our full year guidance. we plan to provide quarterly balance through the end of the fiscal year. this provides elliot with the flexibility to reconnect with our employees and teams, evaluate the current strategies and business trends, and develop our plans to best position the business for fiscal '26 and beyond. to that end, we have also decided to postpone our investor day. >> referring to elliot hill who comes in in a couple of weeks. postponing the investor day, jim, double seem like it came as a big surprise. >> no, but this was truly a remarkably bad conference call. the last time i heard someone withdraw guidance was gamestop. >> wow. >> yep. >> this was a call that just t

lvmh, starbucks, they are all reporting bad news out of china. wise tesla going to be different?i think it is market share gains. you are starting to see the price cuts have subsided. you're starting to see market share gains in china. they just had their best month in china in terms of september ever. it is 45% of deliveries. you combine that with some signs of strength that i believe will improve in the u.s., as well as europe, and the big thing is next year you're going to have a $30,000 vehicle. they doubled down on that as much as we can talk about autonomous and ai, that is the vision. that is the future, deliveries, margins, that is the focus. this is something where the inflection point in the tesla story began last night. annmarie: can you talk to us about this $30,000 vehicle? on the call last night elon musk said a $20,000 ev was pointless and would be silly. dan: in terms of 25,000, when we talk about what they are going to come out with first half of 2025, that sub-$30,000, it is important from a price point perspective. now that they can produce vehicles so much che

lvmh last week, you remember this line, consumer confidence is back in line. the pandemic, covid, things are not great in china. lisa: there's a real question about how much you see the continuation and luxury goods. apple being a distinction, tim cook was in china for the second time this year talking about the commitment to the area. how much do executives have to go kiss the ring in order to get some sort of money into their coffers. there is the issue of the product mix and whether consumers in china are buying or not. jonathan: mcdonald's is negative by 7% in the premarket. e. coli outbreak linked to a quarter pounders over at mcdonald's. lisa: this is particularly in the center of the nation and out west. a question of whether it is linked to the onions, with one supplier -- i know this is ridiculously specific, but that is the level of specificity. it's an unfortunate blow for a company at a time when ultimately there are real questions on the consumer level about how much appetite people have, how much liability people are willing to put up with when i

. >>> shares of luxury group lvmh under heavy pressure, that stock off 4% after the company reportedles. revenue came in at $20.8 billion, but that was a 3% pullback in growth from the same quarter a year ago. we talked to bernard arnault over the summer in paris around the time of the olympics about just some of the challenges in china and how that is impacting the business and you're seeing some of the impacts out here. >> yeah. i was impressed that you went one for one with him with your wardrobe too. you weren't the slightest bit -- you didn't feel outgunned, i don't think, did you? >> no, the other thing that i missed was that i own a dior suit and i forgot to bring it with me. >> you had, like, 12 outfits over there. >> just so i -- >> that would have been 13, andrew. >> i know. we talked about, you know what are you wearing? >> you talk with him about that? >> yes, if you're somebody like ber bernard arnault, he looks at the details, the shoes, the suit, he touches the fabric, absolutely. but that's why he's so good. that's why he's so good. >> you're absolutely right. >> i wa

i would love your thoughts on china, because we have had conflict reports from certain companies, lvmhhink geithner point said apple sales were ahead of where they were this time last year. how do you read things there? angelo: it is kind of similar to what we have been hearing about the start of the iphone 16 cycle, and that is it has been very mixed in nature. the way we are looking at china now, we are looking for a return to growth after two years of no growth out of china. it is one of those situations where easier comparisons, especially as we look forward through this cycle, as you look to the quarters where we saw some pricing pressure in terms of discounting and what have you, we expect that china will momentum to improve as we go into the march quarter specifically. it will not be something driven by a significant higher volume relative to what we have seen in the past. overall, it will be an improvement relative to what we have seen. we expect tim cook -- he does not provide exact guidance in terms of the december quarter, but we ask for him to talk about improving trajector

lvmh is usually the first of the larger luxury companies to report so it's fair to say we'll likely see from its rivals as well. there was a tiny bit of hope that there may be recovery and we saw they shares rebound but that quickly faded. it's notjust luxury brands as well more affordable brands like uniqlo have been struggling in china as well. there have been calls for more stimulus measures by investors but we have yet to hear the details from beijing. there has been a surprise fall in the rate of inflation in the uk which has raised hopes of lower borrowing costs and also hit the value of the pound as investors bet on bigger interest rate cuts from the bank of england. let's have a look at those numbers. the annual rate of price rises eased to 1.7% in september. that is down sharply from august. and a bigger drop than expected. kidneys from consumers who have been struggling with the cost of living but also for the bank of england whose mandate is to keep inflation at around 2%, all of which will feed into the next interest—rate decision on the 7th of november. joining me as the he