Volvo CEO Says China Market Gone, Luxury Weakness Remains
Bloomberg TelevisionVolvo plunged by about 30% to a record low after the Swedish automaker’s chief executive officer said the market for Western-developed cars in China is disappearing fast, prompting it to cut 2,500 more jobs. Luxury powerhouses including Hermès and Cartier are suffering steeper slumps in China, in a sign that a spending pullback by the country’s wealthy consumers is hitting even the most resilient brands. The Opening Trade has everything you need to know as markets open across Europe. With analysis you won't find anywhere else, we break down the biggest stories of the day and speak to top guests who have skin in the game. Hosted by Anna Edwards, Guy Johnson and Tom Mackenzie. Chapters: 00:00:00 - The Opening Trade Starts: Markets Brace After Tech Selloff 00:01:26 - The Agenda: AI Trade Pressure, OpenAI Trims Valuation, Traders Seek Safety in Bonds 00:05:29 - The Agenda: Kering, Gucci and L'Oréal Earnings 00:07:49 - What to Watch 00:09:39 - AI Selloff and Investor Rotation 00:14:00 - Tradition Dubai's Steven Major on Are Treasuries the New Safe Haven, French Debt Crisis and ECB Options 00:20:36 - Need to Know 00:24:09 - Market Calm Returns After Volatility 00:25:27 - Goldman Sachs' Kamakshya Trivedi on FX, Dollar and Yen, Oil Prices and Currency Markets, French Debt Risks and the Euro 00:33:09 - Gucci Struggles as L'Oréal Outperforms 00:36:42 - Big Tech Earnings and AI Financing Fears 00:38:30 - MLIV: Markets Stabilize After Tech Rout 00:42:10 - Stocks to Watch: Volvo, L'Oréal and Kering 00:47:36 - European Markets Open 00:50:09 - UBS Investment Bank's Bhanu Baweja on UBS on AI, Oil and Market Rotation, Will Hyperscalers Be Rewarded for AI Spending 00:58:34 - Market Movers: Volvo Cars Plunges, Kering Slides 01:00:57 - Breaking News: Weak French PMI Hits the Euro 01:02:24 - SAAB CEO Micael Johansson on Surging Defense Demand, Canada and Fighter Jets, Saab, Airbus and Next-Generation Defense 01:11:15 - European Stocks Turn Lower 01:13:18 - Need to Know 01:14:28 - Breaking News: German PMI Shows Resilience 01:15:32 - Pitango Venture Capital's Chemi Peres on Israel Election and the Business Outlook 01:21:31 - Brazil Election Too Close to Call 01:24:57 - Volvo CEO: Western Cars Struggling in China 01:25:42 - Europe-China Auto Trade Tensions 01:29:52 - French PMI, Debt and Moody's Rating, Contagion Risks From French Markets 01:33:29 - Weekend Outlook -------- More on Bloomberg Television and Markets Like this video? Subscribe and turn on notifications so you don't miss any videos from Bloomberg Markets & Finance: https://tinyurl.com/ysu5b8a9 Visit http://www.bloomberg.com for business news & analysis, up-to-the-minute market data, features, profiles and more. Connect with Bloomberg Television on: X: https://twitter.com/BloombergTV Facebook: https://www.facebook.com/BloombergTelevision Instagram: https://www.instagram.com/bloombergtv/ Connect with Bloomberg Business on: X: https://twitter.com/business Facebook: https://www.facebook.com/bloombergbusiness Instagram: https://www.instagram.com/bloombergbusiness/ TikTok: https://www.tiktok.com/@bloombergbusiness?lang=en Reddit: https://www.reddit.com/r/bloomberg/ LinkedIn: https://www.linkedin.com/company/bloomberg-news/ More from Bloomberg: Bloomberg Radio: https://twitter.com/BloombergRadio Bloomberg Surveillance: https://twitter.com/bsurveillance Bloomberg Politics: https://twitter.com/bpolitics Bloomberg Originals: https://twitter.com/bbgoriginals Watch more on YouTube: Bloomberg Technology: https://www.youtube.com/@BloombergTechnology Bloomberg Originals: https://www.youtube.com/@business Bloomberg Quicktake: https://www.youtube.com/@BloombergQuicktake Bloomberg Espanol: https://www.youtube.com/@bloomberg_espanol Bloomberg Podcasts: https://www.youtube.com/@BloombergPodcasts