LVMH Warns Chinese Are Curtailing Travel and Overseas Spending
LVMH 's deputy CEO has warned that Chinese customers have been pulling back on travel and consumer spending amid signs of weakening demand for luxury goods.
'For the past three months, Chinese tourists have been traveling less and buying less,' when out of the country, LVMH deputy CEO Stephane Bianchi told National Assembly lawmakers in a hearing on Wednesday.
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Boston Globe
9 minutes ago
- Boston Globe
South Korea's liberal opposition candidate Lee is expected to win election, exit poll shows
With more than 31% of ballots counted as of 11:15 p.m., Lee, the Democratic Party candidate, led with more than 48% of votes, trailed by main conservative candidate Kim Moon Soo with 43%. Advertisement The exit poll by South Korea's three major TV stations -– KBS, MBC and SBS -– earlier showed Lee projected to obtain 51.7% of total votes cast, beating Kim with 39.3%. Pre-election surveys suggested Lee appeared headed for an easy win, riding on deep public frustration over the conservatives in the wake of Yoon's martial law debacle that plunged South Korea into political turmoil. Hundreds of Lee supporters gathered outside the National Assembly, waving Korean flags and singing. Advertisement Nearly 80% of the country's 44.4 million eligible voters cast ballots, according to an interim tally. That's one of the highest turnouts for a presidential election in South Korea, reflecting public eagerness to move past the political turmoil. The winning candidate will immediately be sworn in as president Wednesday for a single, full term of five years without the typical two-month transition period. Promise to revitalize the economy In a Facebook posting earlier Tuesday, Lee, whose Democratic Party led the legislative effort to oust Yoon, called for voters to 'deliver a stern and resolute judgement' against the conservatives over martial law. In one of his final campaign speeches Monday, Lee claimed that a win by Kim would mean the 'return of the rebellion forces, the destruction of democracy and the deprival of people's human rights.' He also promised to revitalize the economy, reduce inequality and ease national divisions. Kim, a former labor minister under Yoon, claimed that a Lee win would allow him to wield excessive power, launch political retaliation against opponents and legislate laws to protect him from various legal troubles, as his party already controls parliament. Lee 'is now trying to seize all power in South Korea and establish a Hitler-like dictatorship,' Kim told one rally. Supporters of South Korea's Democratic Party's presidential candidate Lee Jae-myung, react outside the National Assembly in Seoul, South Korea, Tuesday, June 3, 2025. Ahn Young-joon/Associated Press Pragmatic diplomacy Lee, who served as governor of Gyeonggi province and mayor of Seongnam city, has been a highly divisive figure in politics for years. As a former child laborer known for his inspirational rags-to-riches story, Lee came to fame through biting criticism of the country's conservative establishment and calls to build a more assertive South Korea in foreign policy. That rhetoric has given him an image as someone who can institute sweeping reforms and fix the country's deep-seated economic inequality and corruption. Advertisement His critics view him as a dangerous populist who relies on political division and backpedals on promises too easily. On foreign policy, Lee has has steadfastly vowed to pursue pragmatic diplomacy. He has promised to solidify a trilateral Seoul-Washington-Tokyo partnership, a stance that is not much different than the position held by South Korea's conservatives. Experts say there aren't many diplomatic options for South Korea as it tries to address Trump's tariff hikes and calls for South Korea to pay more for the cost of the U.S. military presence, as well as North Korea's headlong pursuit of nuclear weapons. Experts say that has made both Lee and Kim avoid unveiling ambitious foreign policy goals. Impact of tariff hikes Lee's government still could become engaged in 'a little bit of friction' with the Trump administration, while Kim's government, which prioritizes relations with Washington, would likely offer more concessions to the U.S., said Chung Jin-young, a former dean of the Graduate School of Pan-Pacific International Studies at South Korea's Kyung Hee University. Chung predicted Lee won't be able to pursue overly drastic steps on foreign policy and security, given the country's foreign exchange and financial markets are vulnerable to such changes. Lee has preached patience over Trump's tariff policy, arguing it would be a mistake to rush negotiations in pursuit of an early agreement with Washington. Kim has said he would meet Trump as soon as possible. On Monday, South Korean trade officials held an emergency meeting to discuss a response to Trump's announcement that the U.S. will raise tariffs on steel and aluminum products to 50% beginning Wednesday. South Korea's central bank last week sharply lowered its 2025 growth outlook to 0.8%, citing the potential impact of Trump's tariff hikes and weak domestic demand worsened by the political turmoil of past months. Advertisement Relations with North Korea Relations with North Korea remain badly strained since 2019, with the North focused on expanding its nuclear arsenal while refusing dialogues with South Korea and the U.S. Since his second term began in January, Trump has repeatedly expressed his intent to resume diplomacy with North Korean leader Kim Jong Un, but Kim has so far ignored the offer while making Russia his priority in foreign policy. Lee, who wants warmer ties with North Korea, recently acknowledged it would be 'very difficult' to realize a summit with Kim Jong Un anytime soon. Lee said he would support Trump's push to restart talks with Kim, which he believed would eventually allow South Korea to be involved in some projects in North Korea. Foreign policy strategists for Lee understand there isn't much South Korea can do to bring about a denuclearization of North Korea, said Paik Wooyeal, a professor at Seoul's Yonsei University. He said Lee also doesn't share the Korean nationalistic zeal held by ex-liberal President Moon Jae-in, who met Kim three times during his 2017-22 term.
Yahoo
23 minutes ago
- Yahoo
Ellen Pompeo Says She Was Detained by TSA for an Hour, Had Bomb Squad Called In: ‘Is This a Joke?'
Ellen Pompeo says she was delayed by TSA for an hour after trying to board a flight with a pricey snack that, triggered a bomb squad investigation. The 'Grey's Anatomy' star joked about the ordeal, saying she thought her publicist wouldn't believe it if she missed her flight A self-described nervous flier, Pompeo says she now sticks to carry-on essentials like wipes and water — and leans on her kids for comfort during Pompeo got an unexpected lesson on what snacks are safe to munch on in flight after a recent security debacle. The Grey's Anatomy star, 55, was stopped by TSA in March for attempting to board a plane with a bag of Erewhon sunflower seeds, she reveals in a new interview with Travel + Leisure. 'I had a bag of sunflower seeds, like organic sunflower seeds from Erewhon, so they were probably the most expensive sunflower seeds money can buy,' she says. 'They literally held me for an hour, and they brought the bomb squad in.' Pompeo asked the officials, 'What is happening? Is this a joke?' They replied that 'it was most likely a chemical on the packaging of these super expensive, fancy, organic, clean sunflower seeds' that triggered the search. To get on with the security and boarding process, the award-winning actor-director offered to simply throw the bag in the trash; however, she said they told her that she'd have to wait for the bomb squad to confirm the unopened bag of seeds was secure before being released. 'I almost missed the flight,' Pompeo recalls. 'It was really like no one would ever believe this! I was texting my publicist saying, 'I might not get on this plane, and you're never gonna guess why.'' Despite the TSA kerfuffle, Pompeo tells T+L that she loves to travel and reveals what she brings in her carry-on, excluding Erewhon sunflower seeds going forward, and her pre-seating routine. 'Mints, glasses, water, hand sanitizer, and baby wipes,' she shared. 'I have to do the Naomi Campbell thing and wipe down the entire seat.' As for how she likes to travel, the proud mom says her favorite way to jet set is with her family. Pompeo shares three children – Stella Luna, 15, Sienna May, 10, and Eli Christopher, 8 – with her husband, music producer Chris Ivery, to whom she's been married since 2007. As a self-proclaimed nervous flier, the Good American Family star says her family is her support system during any uneasy moments. 'I like to hold my kids' hands when I take off,' she confessed, 'which is probably a little selfish, and they're probably feeling my anxiety, which probably isn't the best thing to do.' Read the original article on People
Yahoo
23 minutes ago
- Yahoo
Stock market today: Dow, S&P 500, Nasdaq rise as labor data offsets OECD's tariff warning
US stocks rose higher on Tuesday as positive economic data offset the OECD warned of economic damage from President Trump's tariffs. The S&P 500 (^GSPC) rose 0.4% in mid-morning trade, while the Dow Jones Industrial Average (^DJI) moved about 0.3% higher. The tech-heavy Nasdaq Composite (^IXIC) gained around 0.8% on the heels of an upbeat start to the week for the major gauges. Small caps also saw a boost with the Russell 2000 (^RUT) climbing over 1%. A JOLTS update showed that job openings unexpectedly rose in April as tariff hikes took effect. The hiring rate also rose, signaling the jobs market remains in a stable position. With 7.39 million jobs open at the end of the month, the report sets the stage for the all-important May jobs report, which is set for release on Friday. Earlier on Tuesday, OECD slashed its outlook for global economic growth, citing the impact of Trump's trade policy on investment and confidence. The US economy will slow particularly sharply, the OECD forecast, going from 2.8% growth last year to only 1.6% this year and 1.5% in 2026. In another sign of trade war taking a toll, China's manufacturers suffered their worst slump since 2022 in May. Tariff hikes had an impact on smaller exporters despite the US-China trade truce, a private survey found. Countries need to act fast to seal deals to lower trade barriers, the OECD urged. Trump is reportedly pushing trade partners for their "best offers" by Wednesday, as deadlines for the implementation of "reciprocal" tariffs loom. But progress in trade talks with key nations seems to have stalled as US-China tensions simmer amid hopes for a call between Trump and President Xi as soon as this week. Read more: The latest on Trump's tariffs Meanwhile, with nearly all of the S&P 500 companies having finished reporting their results, earnings season is coming to an end. On Tuesday, CrowdStrike (CRWD), Asana (ASAN), and Hewlett Packard Enterprise (HPE) will issue their reports. The bond market is caught in a tug-of-war between pro-growth stimulus and inflationary pressures, leaving investors with few clear signals and rising long-term yields. "We have policies that on the one hand will boost growth like expansive fiscal stimulus," Kathy Jones, chief fixed income strategist at Charles Schwab, told Yahoo Finance. "Then we have some that will slow growth, like tariffs. ...So the bond market is just caught in the middle." Long-term Treasury yields have climbed in recent weeks, driven by concerns over the US fiscal trajectory as President Trump's sweeping tax legislation, estimated to add $4 trillion to the national debt over the next decade, heads to the Senate after clearing the House. Trump has vowed to sign the bill into law by July 4. "We haven't seen this for decades," Jones said, pointing to the recent bond market moves as a reflection of "a lot of worries and uncertainty." "I've been doing this a long time," she added. "And we haven't worried about the 30-year for a very long time." While short-term yields have stayed relatively steady amid expectations that the Fed will keep interest rates unchanged, longer-term yields have climbed more sharply as investors demand greater compensation for mounting deficits and heightened policy risks. Historically, deficits have had little impact on Treasury yields, largely due to the US's economic dominance and its role as issuer of the world's reserve currency. But that dynamic may be shifting. "It feels like we're hitting an inflection point," Jones said, warning that markets are demanding a greater risk premium from Washington. Adding to the pressure, provisions in the proposed legislation, such as the Section 899 clause, could raise the cost of holding US assets for foreign investors. Jones warns this may undermine a vital source of demand for Treasurys. "Anything that discourages foreign investment in any way, shape or form, whether it's direct investment or through financial instruments, is going to be negative," she said. "We run a large current account deficit. We need that capital inflow. And if we're not getting it, that's going to depress our economy, which means that yields have to rise to a level where foreign investors find them attractive." Layer in uncertainty around tariffs and inflation, and the fixed income landscape becomes even more difficult to navigate. For now, Jones is steering investors toward the intermediate part of the yield curve, where there's "a lot less volatility and risk. Job openings unexpectedly rose in April after hovering near a four-year low the month prior. New data from the Bureau of Labor Statistics showed 7.39 million jobs open at the end of April, an increase from 7.2 million in March. The data comes as investors closely watch for any signs that economic growth may be slowing further. The March figure was revised higher from the 7.19 million open jobs initially reported. Economists surveyed by Bloomberg had expected Tuesday's report to show 7.1 million openings in March. The April survey included data from the first month that the most severe versions of President Trump's tariffs were in effect. The Job Openings and Labor Turnover Survey (JOLTS) also showed that 5.57 million hires were made during the month, up slightly from the 5.4 million made during March. The hiring rate ticked up to 3.5% from 3.4% prior. In one sign that workers may become more cautious about labor market conditions, the quits rate, a sign of confidence among workers, moved down slightly to 2% from 2.1% in March. US stocks wavered on Tuesday as investors await more updates on President Trump's tariffs. The S&P 500 (^GSPC) traded near the flat line while the Dow Jones Industrial Average (^DJI) fell about 0.1%. The tech-heavy Nasdaq Composite (^IXIC) was little changed on the heels of an upbeat start to the week for the major gauges. Here are some top stocks trending on Yahoo Finance this morning: Applied Digital (APLD) stock added 8% in premarket trading to a whopping 48% gain on Monday after announcing it signed two long-term lease agreements with Nvidia-backed CoreWeave (CRWV) for AI data centers. CoreWeave also rose 4% premarket. Constellation Energy (CEG) jumped 11% after the energy company secured a 20-year nuclear power purchase agreement from Meta (META). The deal also boosted other nuclear stocks, including Vistra (VST) (up 5%) and Oklo (OKLO) (up 6%). Scroll down to read more about Constellation's deal. Dollar General (DG) stock surged 11% on better-than-expected earnings and a raised annual forecast. The discount retailer is expected to be resilient in a weaker economic environment. Pinterest (PINS) shares gained nearly 4% after JPMorgan upgraded its rating on the stock to Outperform from Neutral. The JPMorgan analysts also raised their price target on the stock to $40 (from $35 previously), citing improving user numbers and ad technology. Check out more trending tickers here. Constellation Energy (CEG) stock surged more than 12% in premarket trading following news that it struck a 20-year power purchase agreement (PPA) with Meta (META). Meta stock was roughly unchanged. Starting in June 2027, Meta will buy 1,121 megawatts of energy from Constellation's Clinton nuclear facility in Illinois, powering its AI ambitions while supporting its clean energy goals, a release stated. The Clinton Clean Energy Center was nearly retired in 2017 after financial losses, but a state clean energy program kept the facility operational until mid-2027. Meta's PPA now ensures that the plant will continue to run once that program ends, essentially replacing that financial support. Though Constellation and Meta did not announce a price tag for the deal, they noted it "backs billions in plant investments," marking one of the largest nuclear energy agreements so far. Meta has signed a number of power purchase agreements in recent months — along with the other hyperscalers like Google (GOOG), Amazon (AMZN), Microsoft (MSFT) — as Big Tech races to ensure it can power the artificial intelligence boom. Reuters reports: Read more here. Shares in Dollar General (DG) rose 10% in premarket trading on Tuesday, after the retailer raised its annual sales forecast and beating quarterly sales estimates on robust demand for everyday essentials. Reuters reports: Earnings: Asana (ASAN), CrowdStrike (CRWD), Dollar General (DG), Hewlett Packard Enterprise (HPE), Nio (NIO), Ollie's (OLLI), Signet Jewelers (SIG) Economic data: JOLTS Job Openings (April); Factory and Durable goods orders (April); Capital goods orders (April final); Capital goods shipments (April final) Here are some of the biggest stories you may have missed overnight and early this morning: Boeing is the US government's favorite trade talk tool Why the 'Magnificent 7' are outperforming other stocks again Trump tariffs: A Supreme Court test may make or break their fate OECD warns of tariff hit to growth as US pushes for deals Google stock could fall 25% on 'black swan event': Barclays Nvidia's $1 trillion rally has traders primed to ramp back up Wall Street games out how to profit from Trump tariff flip-flops Yahoo Finance's Josh Schafer reports: Read more here. President Trump's trade war has dragged the global economy into a downturn, with the US among those hardest hit, the OECD has warned. Trade barriers and uncertainty are stifling investment and undermining confidence, the organization said on Tuesday as it slashed its forecasts for leading economies for the second time this year. Trump's policy shift is also adding to inflationary pressures, it said. The Financial Times reported: Read more here Oil prices rose Monday evening as major producers Iran and Canada were struck with issues. Iran has an ongoing deal with the US in jeopardy over a potential pivot to nuclear while Canada is facing wildfires. Reuters reports: Read more here. The bond market is caught in a tug-of-war between pro-growth stimulus and inflationary pressures, leaving investors with few clear signals and rising long-term yields. "We have policies that on the one hand will boost growth like expansive fiscal stimulus," Kathy Jones, chief fixed income strategist at Charles Schwab, told Yahoo Finance. "Then we have some that will slow growth, like tariffs. ...So the bond market is just caught in the middle." Long-term Treasury yields have climbed in recent weeks, driven by concerns over the US fiscal trajectory as President Trump's sweeping tax legislation, estimated to add $4 trillion to the national debt over the next decade, heads to the Senate after clearing the House. Trump has vowed to sign the bill into law by July 4. "We haven't seen this for decades," Jones said, pointing to the recent bond market moves as a reflection of "a lot of worries and uncertainty." "I've been doing this a long time," she added. "And we haven't worried about the 30-year for a very long time." While short-term yields have stayed relatively steady amid expectations that the Fed will keep interest rates unchanged, longer-term yields have climbed more sharply as investors demand greater compensation for mounting deficits and heightened policy risks. Historically, deficits have had little impact on Treasury yields, largely due to the US's economic dominance and its role as issuer of the world's reserve currency. But that dynamic may be shifting. "It feels like we're hitting an inflection point," Jones said, warning that markets are demanding a greater risk premium from Washington. Adding to the pressure, provisions in the proposed legislation, such as the Section 899 clause, could raise the cost of holding US assets for foreign investors. Jones warns this may undermine a vital source of demand for Treasurys. "Anything that discourages foreign investment in any way, shape or form, whether it's direct investment or through financial instruments, is going to be negative," she said. "We run a large current account deficit. We need that capital inflow. And if we're not getting it, that's going to depress our economy, which means that yields have to rise to a level where foreign investors find them attractive." Layer in uncertainty around tariffs and inflation, and the fixed income landscape becomes even more difficult to navigate. For now, Jones is steering investors toward the intermediate part of the yield curve, where there's "a lot less volatility and risk. Job openings unexpectedly rose in April after hovering near a four-year low the month prior. New data from the Bureau of Labor Statistics showed 7.39 million jobs open at the end of April, an increase from 7.2 million in March. The data comes as investors closely watch for any signs that economic growth may be slowing further. The March figure was revised higher from the 7.19 million open jobs initially reported. Economists surveyed by Bloomberg had expected Tuesday's report to show 7.1 million openings in March. The April survey included data from the first month that the most severe versions of President Trump's tariffs were in effect. The Job Openings and Labor Turnover Survey (JOLTS) also showed that 5.57 million hires were made during the month, up slightly from the 5.4 million made during March. The hiring rate ticked up to 3.5% from 3.4% prior. In one sign that workers may become more cautious about labor market conditions, the quits rate, a sign of confidence among workers, moved down slightly to 2% from 2.1% in March. US stocks wavered on Tuesday as investors await more updates on President Trump's tariffs. The S&P 500 (^GSPC) traded near the flat line while the Dow Jones Industrial Average (^DJI) fell about 0.1%. The tech-heavy Nasdaq Composite (^IXIC) was little changed on the heels of an upbeat start to the week for the major gauges. Here are some top stocks trending on Yahoo Finance this morning: Applied Digital (APLD) stock added 8% in premarket trading to a whopping 48% gain on Monday after announcing it signed two long-term lease agreements with Nvidia-backed CoreWeave (CRWV) for AI data centers. CoreWeave also rose 4% premarket. Constellation Energy (CEG) jumped 11% after the energy company secured a 20-year nuclear power purchase agreement from Meta (META). The deal also boosted other nuclear stocks, including Vistra (VST) (up 5%) and Oklo (OKLO) (up 6%). Scroll down to read more about Constellation's deal. Dollar General (DG) stock surged 11% on better-than-expected earnings and a raised annual forecast. The discount retailer is expected to be resilient in a weaker economic environment. Pinterest (PINS) shares gained nearly 4% after JPMorgan upgraded its rating on the stock to Outperform from Neutral. The JPMorgan analysts also raised their price target on the stock to $40 (from $35 previously), citing improving user numbers and ad technology. Check out more trending tickers here. Constellation Energy (CEG) stock surged more than 12% in premarket trading following news that it struck a 20-year power purchase agreement (PPA) with Meta (META). Meta stock was roughly unchanged. Starting in June 2027, Meta will buy 1,121 megawatts of energy from Constellation's Clinton nuclear facility in Illinois, powering its AI ambitions while supporting its clean energy goals, a release stated. The Clinton Clean Energy Center was nearly retired in 2017 after financial losses, but a state clean energy program kept the facility operational until mid-2027. Meta's PPA now ensures that the plant will continue to run once that program ends, essentially replacing that financial support. Though Constellation and Meta did not announce a price tag for the deal, they noted it "backs billions in plant investments," marking one of the largest nuclear energy agreements so far. Meta has signed a number of power purchase agreements in recent months — along with the other hyperscalers like Google (GOOG), Amazon (AMZN), Microsoft (MSFT) — as Big Tech races to ensure it can power the artificial intelligence boom. Reuters reports: Read more here. Shares in Dollar General (DG) rose 10% in premarket trading on Tuesday, after the retailer raised its annual sales forecast and beating quarterly sales estimates on robust demand for everyday essentials. Reuters reports: Earnings: Asana (ASAN), CrowdStrike (CRWD), Dollar General (DG), Hewlett Packard Enterprise (HPE), Nio (NIO), Ollie's (OLLI), Signet Jewelers (SIG) Economic data: JOLTS Job Openings (April); Factory and Durable goods orders (April); Capital goods orders (April final); Capital goods shipments (April final) Here are some of the biggest stories you may have missed overnight and early this morning: Boeing is the US government's favorite trade talk tool Why the 'Magnificent 7' are outperforming other stocks again Trump tariffs: A Supreme Court test may make or break their fate OECD warns of tariff hit to growth as US pushes for deals Google stock could fall 25% on 'black swan event': Barclays Nvidia's $1 trillion rally has traders primed to ramp back up Wall Street games out how to profit from Trump tariff flip-flops Yahoo Finance's Josh Schafer reports: Read more here. President Trump's trade war has dragged the global economy into a downturn, with the US among those hardest hit, the OECD has warned. Trade barriers and uncertainty are stifling investment and undermining confidence, the organization said on Tuesday as it slashed its forecasts for leading economies for the second time this year. Trump's policy shift is also adding to inflationary pressures, it said. The Financial Times reported: Read more here Oil prices rose Monday evening as major producers Iran and Canada were struck with issues. Iran has an ongoing deal with the US in jeopardy over a potential pivot to nuclear while Canada is facing wildfires. Reuters reports: Read more here. Sign in to access your portfolio
