News

Rebound in US Stocks Meets Skepticism as Rally Chasers Pour In

(Bloomberg) -- US stocks soared Tuesday after the biggest three-day rout in five years, fueled by the most oversold conditions since the depths of the pandemic and optimism the Trump administration will water down its harsh tariff regime.Most Read from BloombergThe Irish Hot Press Is the Low-Tech Laundry Trick the World NeedsThis Skinny Mexico City Tower Is Just 14 Feet Wide on One SideHousing Agency Aims to Relocate Its DC HeadquartersTrump Order on CDFI Fund Risks Aid for Small Businesses, Hou

Global market rout darkens outlook for European luxury labels

Growing fears that Donald Trump's tariff blitz will plunge the world into recession are dashing hopes in the $400-billion-a-year luxury industry that wealthy Americans might help to pull it out of the biggest slump in years. One Wall Street analyst now expects worldwide sales of luxury goods will fall by as much as 2% this year, down from a previous forecast for 5% growth. Bernstein analyst Luca Solca cited the fallout from Trump's April 2 announcement of import taxes on major U.S. trading partners as reasons for the downgrade.