Treasury yields retreated Treasury yields fell as investors await the release of key economic data this week, including the latest US inflation figure 5.5580%. The yield on the 2-year Treasury note, which more closely tracks the Federal Reserve’s short-term interest rate decisions, fell more than 2 basis points to 4.7658%. LMVH virtually stable as demand for fashion and leather goods declines. Luxury goods giant LVMH was trading just below the flat line shortly after the opening bell as organic sales of fashion and leather goods declined in its third quarter amid a slowdown in demand from China. The owner of Louis Vuitton and Dior posted €57.1 billion ($63.9 billion) in revenue in the first nine months of 2026. The company saw weakness in its fashion and leather goods offering, with organic sales falling 5% year-on-year. The company’s shares were trading just below the flat line shortly after the opening bell and are down 41% since the beginning of the year. The drop affected the luxury sector in general, with shares of Kering and Richemont also trading lower. Stock chart icon Stock chart icon LVMH stock since the beginning of the year. The company said organic revenue growth in its third quarter reflected a “less buoyant environment in China,” while the United States, Europe and Japan saw good growth. “The problem is fashion and leather represents about 75% of operating profit. [for LVMH]”These Gen A, Gen Z, they are different. They are not going to wait 10 years for a bag or a watch. They want it now. “They are very well informed,” he said. Moncler and Brunello Cucinelli reported worse-than-expected organic sales growth in their third-quarter earnings on Monday, with weak Chinese demand hurting the performance of their leather and fashion brands. “As the first luxury company to report third quarter 2026, the failure of LVMH in Fashion and Leather improve sentiment toward soft luxury,” analysts at Citi said in a Monday afternoon note, Deutsche Bank’s Adam Cochrane in a note that LVMH had “managed to lose money on relatively weak investor expectations.” “Despite the stock trading at an almost historically low valuation… it is difficult to see what could change investor sentiment in the near term,” he said, but noted that his team views LVMH’s performance as a “cyclical rather than structural issue” with “the risk/reward weighted to the upside.” Banking, chemicals and utilities stocks were among the best performers, with London’s FTSE 100 leading gains among regional bourses: Chloe Taylor South Korea’s Kospi closes down more than 5%, Japan’s Nikkei 225 falls almost 2%. Japan’s Nikkei 225 closed down 1.82% at 67,777.52, while South Korea’s Kospi fell. Australia’s benchmark S&P/ASX 200 index was steady at 8,783.90. Hong Kong’s Hang Seng Index was down almost 1% in its final hour of trading on Tuesday, while mainland China’s CSI 300 closed down 0.29% at 4,275.68. European chip stocks follow Asian and US peers in reducing impairment charges by up to $4.5. A customer fills a vehicle with fuel at a BP Plc gas station in London, United Kingdom, on Monday, August 4, 2025. Bloomberg | Bloomberg | Getty Images Oil giant BP said Tuesday that its third-quarter results are expected to include after-tax adjustment items related to impairment charges in the range of $3 billion to $4.5 billion. The company said in a trading statement that its third-quarter earnings will be released in full on Oct. 30. — Chloe TaylorEuro rebounds in early trading The euro rose against the US dollar and sterling on Tuesday morning, the single currency up 0.2% against the dollar, after falling the previous day. They said they expected EUR/USD to remain in a range of 1.10 to 1.15 in the coming months. The Korean Stock Exchange activated a selling sidecar on the Kospi, temporarily halting the trading program, as South Korean stocks fall. The 200 index futures falls 5% or more for at least a minute and stops trading for five minutes.—Justina Lee Asian tech stocks follow Wall Street peers’ slide Asian tech stocks fell on Tuesday, following their U.S. peers that fell ahead of the release of U.S. inflation data later this week. In Japan, SoftBank Group fell 6.7%, while chip equipment maker Tokyo Electron fell more than 5%, and Japanese memory chip maker Kioxia fell. 8.8%. In South Korea, SK Hynix fell 6.5%, while Samsung Electronics fell 5.6%. Seoul Semiconductor declined 3.1%.—South Korea’s Kospi falls more than 3%, Japan’s Nikkei 225 falls 1% Asia-Pacific markets traded lower early Tuesday. 3.29% at the open, while the small cap Kosdaq fell 2.49%. Australia’s benchmark S&P/ASX 200 index fell 0.33%.—Japan’s Nikkei 225 will open lower as higher oil prices pressure markets. Asia-Pacific markets were set to open lower on Tuesday amid concerns about high oil prices. holiday, with its Chicago futures contract at 68,320 and its Osaka counterpart last trading at 68,380, compared to the index’s previous close of 69,030.92 on Friday. Hong Kong Hang Seng Index futures were last at 24,228, compared with the index’s last close of 24,271.20. Renewed concerns about oil supply disruptions pushed Brent above $106 a barrel, following the deadly attack on the Saudi airport last Saturday that left 12 dead and more than 300 injured.—Justina Lee Big banks ready to report What to expect Big banks JPMorgan Chase, Goldman Sachs, Citigroup and Wells Fargo are due to report earnings on Tuesday before the bell. growth over the prior-year period, data from LSEG.GS: The banking giant’s revenue and results are forecast to have grown by 10% and around 6%, respectively, according to LSEG.C: Analysts expect Citigroup to report strong year-over-year profit growth, data from LSEG.WFC: Wells is forecast to post profit growth of more than 10%, according to LSEG.For more information, see Earnings CNBC Pro Playbook—Fred ImbertSyndax Pharmaceuticals Falls on Phase 2 Trial Results Shares of Syndax Pharmaceuticals fell 15% after the company said axatilimab failed to meet its primary endpoint during a Phase 2 trial in which the antibody was used to treat idiopathic pulmonary fibrosis. “The MAXPIRe trial did not meet its primary endpoint, and we are disappointed by this result given the promising scientific basis in IPF,” Nick Botwood, head of research and development at Syndax, said in a statement. If the after-hours losses continue through Tuesday’s close, it will mark the stock’s worst day since May 6, 2025, when it fell 22%.—Fred Imbert
