June 26: Five Days, One Lesson: the Selloff Was Macro, Not Demand; the Watch Retailers Turn; Pandora's Standout Run; the AI Rout May Be Ending
This was the week our central thesis got stress-tested, and it held: the luxury equities went on a violent round trip, sold off hard then clawed most of it back, while the resale market that actually measures demand never moved from its highs.

ALT/FNDATA
- Book a Sandbox demo: https://altfndata.com/go/cp-260626
- Market reports: https://altfndata.com/go/cp-260626-r
- Podcast episodes: https://altfndata.com/go/cp-260626-p

The week in review:
- A round trip. Monday and Tuesday, luxury equities were dumped with everything else, as a deepening AI-driven tech selloff dragged the Nasdaq lower, gold fell more than 6 percent on the week, and oil collapsed back below 70 dollars. The European luxury complex fell as much as 6 percent at its worst.
- The decoupling. On Wednesday, luxury rallied even as the broad market kept falling, the first sign the de-rating had found a floor. On Thursday the recovery broadened to the last holdouts, the listed watch retailers, which had slid for three straight sessions before finally turning.
- Standout and laggard. Pandora was the week's clear winner, climbing almost every session to fresh highs. Watches of Switzerland and Swatch were the laggards, under pressure most of the week before stabilizing.
- The constant. The resale market never flinched. It held flat at its cycle highs from Monday to Friday, and the saleroom kept producing trophies (a $63.9M Modigliani in London this week). The equities were pricing macro, rates, risk, and a tech-led liquidation, not a demand problem.
- The tell for next week. After Thursday's close, blowout Micron earnings sparked a ~400 billion dollar AI-chip rally, the first hint the rout that drove all this may be ending. Watch the resale series: it has been right all week.

Where it stands (latest close, Thursday June 25):
- European luxury: LVMH 494.40 euros, Hermès 1,613.50 euros, Richemont 186.35 Swiss francs, Kering 267.90 euros, Swatch 206.20 Swiss francs, Watches of Switzerland 708.0 pence, Pandora 709.00 Danish kroner (the week's standout).
- Friday's session was quiet and mixed into the open.

Also from ALT/FNDATA:
- Open Bid returns Monday at 6 AM ET