Volvo CEO Says China Market Gone, Luxury Weakness Remains

Volvo 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
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Volvo CEO Says China Market Gone, Luxury Weakness Remains

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