LIVE MARKETS — Luxury: bear market rally ahead?

(Adds blog post) STOXX 600 down 0.1% Chip stocks globally tumble In Europe, ASMI, ASML Siemens Energy hit US PPI to come Nasdaq 100 futures down over 1% Welcome to the home for real-time coverage of markets brought to you by Reuters reporters. You can share your thoughts with us at. Luxury: Bear-market Rally Ahead? A gauge of Europe's top 10 luxury stocks has fallen more than 37% from its lifetime peak in February 2025, but after such a battering in a once high-flying market darling, valuations have compressed, leaving room for a rebound. Berenberg, which has long held a bearish view on the sector, is not changing its longer-term stance but sees conditions falling into place for a rebound. Following discussions with a senior executive at a Chinese luxury department store, the bank said China's luxury market endured a weak Golden Week and a disappointing start to the fourth quarter, reinforcing concerns over sluggish demand. Berenberg said the downturn is being driven by cyclical and structural pressures, from a weaker stock market to rising Chinese competition and a booming second-hand market. As a result, any recovery in Chinese luxury spending remains years away. Yet analysts inc