News Snapshot:
Many investors are still hesitant about purchasing stocks after the sharp August sell-off, as China's slowing economic recovery and plans for redistribution of wealth threaten to disrupt Europe's luxury sector. According to UBS analysts, the main driver of the sector is demand for high-end goods in the most populous country in the world. This account accounts for a third and 28per cent respectively of European luxury goods manufacturers' sales in 2019. After Chinese President Xi Jinping announced plans for "common prosperity", the sector saw $120 billion disappear, including Louis Vuitton's owner LVMH, Burberry and Gucci owner Kering. Analysts used the...
