News Snapshot:
What Happened: A resurgence of COVID-19 cases in China and South Korea has impacted luxury stocks. LVMH, Kering, Hermès, and Compagnie Financière Richemont all reported losses of 1.45 percent, 1.31 percent, 3.13 percent and 3.26 percent, respectively . In the mainland, tech hub Shenzhen has suspended production, halting operations at Apple supplier Foxconn, whereas Shanghai schools have reverted to online classes, CNBC reports. Recommended Reading As China’s Tech Stocks Tumble, Luxury Feels the Heat By Adina-Laura Achim Meanwhile, South Korea marked a record daily death toll, with 293 fatalities reported in the latest 24-hours and 1,196 virus patients in serious...
