June 4: Five Watch Auctions in Seven Days; Ferrari 599XX Leads Tegernsee at EUR 2.5M
============================================================
Tonight: auto sector equities, Centre Pompidou Seoul opens, and a packed watch auction calendar ahead.
Tickers covered: MC.PA | CFR.SW | UHR.SW | RACE | WOSG.L

In this episode:

Auto Sector Equities
- BMW, Mercedes-Benz, and Porsche testing technical support levels
- Ferrari (RACE): 29.5% operating margin in 2025, up from 28.3% prior year, on revenue of EUR 7.1B

RM Sotheby's Tegernsee Consignment (July 4)
- 2009 Ferrari 599XX Evo: EUR 2M–2.5M (headline lot)
- 2004 Porsche Carrera GT: EUR 1.2M–1.6M

Centre Pompidou Seoul
- Centre Pompidou Hanwha opened today in Yeouido, Seoul
- 10,000 sqm, designed by Jean-Michel Wilmotte
- Inaugural exhibition: "The Cubists: Inventing Modern Vision" — Picasso, Kandinsky, Matisse, Chagall
- Partnership with Hanwha Foundation (Hanwha Group, publicly traded on Korea Exchange)

Watch Auction Season — June 9-15
- Sotheby's Magnificent Jewels — June 9, New York
- Christie's watches — June 10, New York
- Bonhams watches — June 11, London
- Phillips watches — June 13-14, New York
- Sotheby's watches — June 15, New York
- Swiss watch exports to US fell 17% YoY in April

Sector Snapshot at Close
- LVMH (MC.PA): EUR 477.10, day range 473–479.75
- Richemont (CFR.SW): ~CHF 161.80, near record high
- Swatch (UHR.SW): ~CHF 215
- Ferrari (RACE): 29.5% operating margin, FY25 revenue EUR 7.1B
- Watches of Switzerland (WOSG.L): holding 14% gain from earlier this week

Links:
- ALT/FNDATA: https://www.altfndata.com
- RM Sotheby's Tegernsee lots: https://rmsothebys.com/auctions/tc26/lots/
- Ferrari 599XX consignment: https://www.magnetomagazine.com/articles/ferrari-599xx-leads-rm-sothebys-coe-germany-supporting-2026-tegernsee-sale/
- Centre Pompidou Hanwha: https://www.centrepompidou.fr/en/lieu/centre-pompidou-hanwha

Also from ALT/FNDATA:
- Open Bid — Mon-Fri at 6 AM ET
- Auto Market — Thursdays at 8 AM ET
- Luxury Spending — Wednesdays at 8 AM ET

June 3: Swiss Watch Exports Fall 17%; Hong Kong Luxury Sales Up 20%
Three stories tonight: Swiss watch exports, Hong Kong luxury retail, and the diamond supply picture.
---
Tickers covered: UHR.SW | CFR.SW | WOSG.L | MC.PA | SIG

In this episode:

Swiss Watch Exports
- Swiss watch exports to the US fell 17% YoY in April
- Swatch Group (UHR.SW): trading ~CHF 215
- Richemont (CFR.SW): watchmakers down 4% in FY2026, but stock near record high CHF 161.80 on jewelry strength
- Richemont jewelry maisons (Cartier, Van Cleef, Vhernier): EUR 16.5B at 30.5% margin
- Watches of Switzerland (WOSG.L): surged 14% yesterday on FY2026 earnings, US sales +24%

Hong Kong Luxury Retail
- Revenue from jewelry, watches, clocks, and valuable gifts up 20% YoY in April
- Positive demand signal for Richemont and LVMH, both with significant Hong Kong exposure
- LVMH (MC.PA): ~EUR 473, down 26% YTD

Diamond Supply
- De Beers: average cost of natural mined diamond reached $4,063 in 2025, up 25% from 2023
- Kao mine going on care and maintenance from July amid rough-price downturn
- Signet Jewelers (SIG): raised full-year guidance on improved sales

Sector Snapshot at Close
- LVMH (MC.PA): ~EUR 473, down 26% YTD
- Richemont (CFR.SW): ~CHF 161.80, near record high
- Swatch (UHR.SW): ~CHF 215
- Watches of Switzerland (WOSG.L): up 14% yesterday
- Signet (SIG): raised FY guidance

Links:
- ALT/FNDATA: https://www.altfndata.com
- Swiss watch exports: https://rapaport.com/news/us-market-continues-to-weigh-on-swiss-watch-exports/
- De Beers diamond data: https://rapaport.com/news/natural-diamond-spending-and-sizes-rising-de-beers-says/
- Kao mine closure: https://rapaport.com/news/kao-mine-to-shutter-amid-rough-price-downturn/
- Signet sales: https://rapaport.com/news/strategic-revamp-still-paying-off-as-signet-sales-improve/

Also from ALT/FNDATA:
- Open Bid — Mon-Fri at 6 AM ET
- Luxury Spending — Wednesdays at 8 AM ET

June 2, 2026: Watches of Switzerland Surges 14%; Richemont Named Top Pick at Four Banks
============================================================
Tickers covered: WOSG.L | CFR.SW | MC.PA | KER.PA | UHR.SW

In this episode:

Watches of Switzerland (WOSG.L — LSE)
- Stock surged 14% on FY2026 earnings
- Group sales: GBP 1.83B, up 13% at constant currency
- US sales: +24% YoY, now more than half of group revenue
- FY2027 guidance: 5-10% growth at constant currency

Analyst Ratings
- Deutsche Bank adds Richemont to "Most Preferred" alongside LVMH and Burberry
- Richemont now consensus top pick across Deutsche Bank, UBS, JPMorgan, and HSBC
- Kering and Moncler designated "Least Preferred" by Deutsche Bank
- Kering (KER.PA) ex-dividend today at EUR 2.75 per share

China Outlook
- Bain & Co projects Chinese luxury spending +6% in 2026, reversing -5% in 2025
- Chinese shoppers account for more than 25% of annual global luxury sales
- Structural shift toward luxury experiences (hospitality, cruises, dining) and away from traditional goods

Sector Snapshot at Close
- LVMH (MC.PA): ~EUR 473, down 26% YTD
- Richemont (CFR.SW): near record high CHF 161.80
- Swatch (UHR.SW): CHF 215
- Watches of Switzerland (WOSG.L): up 14% today
- Kering (KER.PA): ex-dividend EUR 2.75

Links:
- ALT/FNDATA: https://www.altfndata.com
- Watches of Switzerland Q4 2026 earnings: https://www.investing.com/news/transcripts/earnings-call-transcript-watches-of-switzerland-q4-2026-sees-stock-surge-93CH-4687393
- Deutsche Bank luxury ratings: https://www.cityam.com/city-broker-downgrades-outlook-for-luxury-stocks-lvmh-burberry-and-richemont/
- Richemont FY2026 results: https://www.richemont.com/news-media/press-releases-news/richemont-delivers-strong-sales-growth-and-solid-results-for-the-year-ended-31-march-2026/

Also from ALT/FNDATA:
- Open Bid — Mon-Fri at 6 AM ET
- Art Market — Tuesdays at 8 AM ET