Jefferies

Industry News

Hermes Sales Hit by Chinese Spending Curbs and Dubai Retail Disruptions

Hermes International reported flat constant-currency revenue in its region that includes China for the third quarter, trailing analyst expectations of 1.6% growth. The performance was weighed down by Chinese consumer spending cutbacks and regional conflict disrupting shopping destinations such as Dubai. Following the announcement, Hermes shares fell up to 9% in Paris, extending year-to-date declines to 41%.

China–UAE News

Hermès Q3 Sales Slow as China Weakness and Middle East Disruption Hit Demand

Hermès International SCA reported slowing third-quarter sales as revenue flatlined in its key market region including China, missing analyst expectations. The luxury sector's anticipated recovery has been hampered by domestic headwinds in China alongside conflict in the Middle East that disrupted shopping hubs such as Dubai. Hermès shares fell as much as 9% in Paris, marking a 41% decline year-to-date.

Industry News

China’s Top Solar Manufacturers Cut 40,000 Jobs as Overcapacity Crisis Persists

China's five largest solar module manufacturers eliminated 40,589 jobs in 2025, shrinking their aggregate workforce by 21% as severe industry overcapacity continued. The contraction follows a 31% workforce reduction in 2024, leaving total staffing down by roughly half across two years. Operating losses have deepened amid price drops and domestic market reforms, while export volumes fell 10% in the first eight months of the year.

Industry News

Gold Holds Below $4,200 as China Buying Offsets $10 Billion Short Positions

Spot gold traded at $4,185.69 an ounce as trend-following funds accumulated an estimated $10 billion net short position. Concurrently, China's central bank extended its gold buying streak to 23 consecutive months, adding approximately 23 tonnes in September. Analysts note that structural accumulation by central banks is offsetting speculative selling ahead of key US inflation data.