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Your evening read on the luxury and collectibles markets, by the numbers. Tonight: European luxury surged on hopes of a US–Iran peace deal, gold and silver rallied hard, Rolex raised its prices again, and the US-listed names pulled back — capping a whipsaw week.
(Prices: Yahoo Finance v8, all closes final after the 4 PM ET bell, June 12; prior = June 11 close.)
Good evening. It's Friday, June 12. I'm Sharon, and this is Closing Price from ALT/FNDATA.
Tonight: European luxury surged on hopes of a US–Iran peace deal, gold and silver rallied hard, and Rolex raised its prices again, even as the US-listed names pulled back.
It was a powerful day for European luxury. The prospect of a deal between the United States and Iran to end their war sent the sector sharply higher, and European stocks ended the week near a record high. In Paris, LVMH, ticker MC on Euronext Paris, closed at 511 EUR, up about 3.5% from Thursday's 493. Kering, ticker KER, closed at 268 EUR, also up about 3.5%. Hermès, ticker RMS, closed at 1,697 EUR, up about 3.3%.
In Zurich, Richemont, ticker CFR, closed at 179 Swiss francs, up about 3%, and Swatch, ticker UHR, closed at 209 Swiss francs, up about 3.6%. In London, Burberry, ticker BRBY, closed at 1,176 pence, up about 3.3%, and Watches of Switzerland, ticker WOSG, closed at 713 pence, up about 1%.
The US-listed names went the other way, giving back some of yesterday's gains. Ferrari, ticker RACE, closed at 355 dollars, down about 2.9%. Signet, ticker SIG, closed at 90 dollars, down about 1.6%, and Zegna, ticker ZGN, was down about 1.3%. And after yesterday's 9% surge on the Frasers takeover approach, Hugo Boss, ticker BOSS in Frankfurt, eased about half a percent, to 40 EUR.
In hard assets, the metals had a big day. Gold rose about 3.7%, to about 4,240 dollars an ounce. Silver jumped about 6.6%, to about 68 dollars. And in the watch world, Reuters reports that Rolex has raised the prices of its gold watches again. Even with gold this expensive, demand from wealthy buyers has not slowed.
On the broad tape, it was a strong day for stocks, driven by two things: growing hopes that the United States and Iran are nearing a deal to end their war, and the long-awaited stock-market debut of SpaceX, which began trading publicly today. Oil fell too, as traders bet that the Strait of Hormuz, the key oil shipping route the war had put at risk, will soon reopen. It capped a turbulent few days. The market swung from its worst session of the year on Wednesday to European luxury near record highs today.
Across our board, European luxury finished sharply higher, up around 3.5% on the Iran news, while the US-listed names pulled back. Gold and silver both rallied hard.
Looking ahead, tomorrow, Saturday the 13th, Bonhams sells about 100 cars from the National Automobile Museum in Reno, and Phillips holds its New York Watch Auction. Next week, Sotheby's Important Watches is on Monday the 15th, and the RM Sotheby's Sealed sale, with a 1969 Lamborghini Miura, closes on the 17th.
That is Closing Price for Friday, June 12. Tickers covered: MC.PA, KER.PA, RMS.PA, CFR.SW, UHR.SW, WOSG.L, BRBY.L, BOSS.DE, FRAS.L, RACE, SIG, ZGN.
I'm Sharon, from ALT/FNDATA. Open Bid returns Monday morning at 6 AM Eastern.
