European Luxury Vulnerable to Second-Order Impact of Heightened Geopolitical Risk -- Market Talk

Dow Jones01-23

1619 GMT - European luxury companies are vulnerable to higher geopolitical risk causing a slowdown in U.S. consumer confidence, Bernstein analyst Luca Solca says. Luxury stocks recover Thursday but don't fully recoup losses that followed President Trump's threat to levy tariffs on eight European countries. "Higher geopolitical risk increases the risk of a 'sudden stop' in the stock markets like the one after liberation day. In that context, American demand--which has been a pillar of global luxury demand--would wobble," Solca says. "It is not just the tariffs, but the second-level impact from tariffs that is making investors more cautious," he adds. LVMH--a sector bellweather--gains 1.8%, while Kering and Hermes climb 2.2% and 2.1%, respectively. (josephmichael.stonor@wsj.com)

(END) Dow Jones Newswires

January 22, 2026 11:19 ET (16:19 GMT)

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In that context, American demand--which has been a pillar of global luxury demand--would wobble,\" Solca says. \"It is not just the tariffs, but the second-level impact from tariffs that is making investors more cautious,\" he adds. LVMH--a sector bellweather--gains 1.8%, while Kering and Hermes climb 2.2% and 2.1%, respectively. 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