Fog. 64.5   F New York
AI-Powered News Summarizer
Top Stories

People are buying luxury goods again. That's a good thing

October 16, 2020. Summarized by summa-bot.

PARIS, FRANCE - JUNE 03: A passerby wears a yellow crocodile pattern leather The Kooples "Emily" bag, a blue denim short skirt, holds an orange Louis Vuitton shopping bag, on June 03, 2020 in Paris, France. (Photo by Edward Berthelot/Getty Images)

At first glance, the number of people buying pricy leather bags may not seem like a helpful bellwether for the health of the global economy.

Sales in China — the only major economy expected to grow this year — have experienced a rebound, but can't carry the entire business.

Jeweler Tiffany — which LVMH wanted to take over before the pandemic hit — also reported this week that sales in mainland China were "extremely strong" and "positive sales trends are continuing in October. "

Big picture: Consumption drives economies like the United States, so it's crucial that customers keep spending even as the trajectory of the pandemic remains uncertain heading into the winter.

The Point Bridge GOP Stock Tracker ETF, which trades under the symbol MAGA, is down 8% this year — in sharp contrast to the benchmark S&P 500, which is up more than 7%, my CNN Business colleague Paul R.

See here: Walking away empty handed would disrupt businesses when the transition period ends later this year — shaving more than $25 billion off the UK economy in 2021 compared to a scenario where a limited free trade deal is agreed, according to a CNN Business analysis based on forecasts from Citi and the Institute for Fiscal Studies.

"The combination of Covid-19 and the exit from the EU single market makes the UK outlook exceptionally uncertain," Laurence Boone, chief economist at the Organization for Economic Cooperation and Development, said in a report this week.

"Actions taken to address the pandemic and decisions made on future trading relationships will have a lasting impact on the United Kingdom's economic trajectory for years to come. "

Summarizer is on Google News. Now you can get the latest AI summarized news on your favorite news platform.

Don't like Google News? We have an RSS Feed for you.

Suggestions