LVMH became the first European company with a capitalization of more than $500 billion: what you need to know in the morning

Main news of foreign markets this morning.

Photo: pixabay.com 0 On Monday, American indices traded in different directions

The S&P 500 rose 0.1%, the Dow Jones added 0.2%, and the high-tech Nasdaq fell 0.3%.

Market participants remain cautious ahead of the release of quarterly financial reports of large American companies, as well as new economic data.

Today, such companies as McDonald’s, PepsiCo, UPS, 3M, Verizon, and General Motors will report their financial results for the quarter. Investors will also be watching UBS Group, which will present its first profit and loss report after the takeover of the Swiss bank Credit Suisse.

Shares in Asia are declining, except for Japan

The broad index of Asian shares (excluding Japan) MSCI AC Asia ex Japan Index lost 1.3% today, South Korea’s Kospi fell by 1.6%, Singapore’s STI fell by 0.7%, China’s Shanghai Composite and Hong Kong’s Hang Seng fell by 0 .8% and 1.7%, respectively, and the Japanese Nikkei rose by 0.2%.

Shares of the Asia-Pacific region mainly fell against the background of the decline of the American Nasdaq index on Monday. The index fell due to the uncertain dynamics of shares of technology companies ahead of the release of quarterly financial reports of major representatives of the industry, including Microsoft, Alphabet (parent company of Google) and Amazon.

BlackRock: Emerging markets have an advantage over the rest of the world

The world’s largest asset manager gives more preference to stocks and bonds of developing countries, expecting a quick recovery of the Chinese economy, as well as the end of the cycle of increasing interest rates.

According to analysts from BlackRock, the central banks of developing countries act faster than the US Fed and will finish raising rates earlier.

Moët Hennessy Louis Vuitton became the first European company with a capitalization of more than $500 billion

Shares of the luxury goods maker rose to a new all-time high on strong sales in the first quarter of 2023, in particular due to growing consumer demand for Louis Vuitton bags and Christian Dior clothing.

LVMH is the parent company of such brands as Louis Vuitton, Dom Perignon, Givenchy and Tiffany & Co. Bernard Arnault, the main owner of LVMH, is currently the richest person in the world with a fortune of about $212 billion.

First Republic Bank’s deposits fell by more than $70 billion in the quarter

According to the results of the first quarter of 2023, the total amount of deposits of First Republic Bank decreased from $176 billion to $104.5 billion, despite the fact that the American lender received $30 billion in support from Bank of America, Citigroup, JPMorgan and Wells Fargo.

First Republic Bank attracted close attention after Silicon Valley Bank and Signature Bank collapsed last month, undermining confidence in regional US banks. Shares of First Republic Bank fell more than 20% after the close of trading on Monday.

Source: Ministry of Finance

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