JULY 23. Who’s shopping all those luxury goods in Japan?… Chinese?

LVMH is the largest luxury brand company in the world and remained sluggish in the second quarter. LVMH’s second quarter sales numbers were $22.8 billion, up 3% compared to the same period of last year. LVMH luxury goods sales in Asia, excluding Japan, fell 14% compared to the last year. It was 6% down in the first quarter, so it got even worse. LVMH did not comment in details about their Chinese market this time.

Although luxury goods consumption has decreased in China, Chinese rich tourists are all visiting Japan instead. More than 30% of China’s young people are in trouble because they don’t have proper jobs…

In the meantime, those Chinese riches are traveling to Japan and buying up all those luxury goods. Real comedy it is…China is the communist country!!

U.S. stock markets corrected slightly in index-wise.

DJ Index fell 0.1%, S&P 500 index fell 0.2%, and NASDAQ index was downed by 0.06%.

Quarterly earnings reports continue this week. GM’s second-quarter earnings fell 6.4% despite beating market expectations. This may mean that the future of old classic…