Good morning. Luxury stocks in focus, U.K. cases drop, Bitcoin tumbles, Credit Suisse’s shake-up. Here’s what’s moving markets.

Luxury Surprises

Luxury stocks such as Kering, Hermes, Burberry and Richemont will be in focus after the French juggernaut LVMH reported first-half results that beat estimates. It’s the strongest half-year publication ever for the owner of the Louis Vuitton and Dior mega brands and it may lead to consensus upgrades. Next, luxury investors will be monitoring the first-half results of Gucci owner Kering after the Paris stock-market close on Tuesday.

Cautious Welcome

A sustained fall in new coronavirus cases in the U.K. is being cautiously welcomed by scientists, yet there’s no consensus over what’s driving the drop and whether the current wave has peaked. Meanwhile, workplaces in the City of London were the busiest they’ve been for 16 months last week but attendance is still well below pre-pandemic levels. Elsewhere, the U.S. Centers for Disease Control and Prevention told Americans to avoid travel to Spain. 

Bitcoin Tumbles

Bitcoin dropped after briefly surpassing $40,000 as Amazon denied that its job posting for a digital currency executive meant that it will accept the token for payments this year. Rival coins including Ether and Litecoin also tumbled. Meanwhile, a U.S. probe into Tether is homing in on whether executives behind the token committed bank fraud.

Shake Up

Credit Suisse plans to enlist its next chief risk officer from Goldman Sachs as the Swiss bank shakes up internal oversight in the wake of multibillion-dollar scandals. The Zurich-based firm intends to bring on Goldman deputy chief risk officer David Wildermuth within the next few months, according to people with knowledge of the situation. Credit Suisse has been shaking up senior ranks and scrutinizing businesses as it tries to rebuild its reputation after scandals that weighed on its balance sheet.

Coming Up…

(Excerpt) Read more Here | 2021-07-26 22:00:00
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