France's Richest Man Counted Trump as a Friend. He Still Faces Tariffs.
For Bernard Arnault, France's richest man and head of the LVMH Moët Hennessy Louis Vuitton luxury goods empire, the year started off brightly. His friend President Trump extended a personal invitation to the inauguration on Jan. 20. Consumers in the United States, one of LVMH's biggest markets, were snapping up the company's Dior dresses and Tiffany jewelry.
Then came Mr. Trump's tariffs — and a substantial plunge in the company's share price.
'Until the end of February, everything was going very well,' Mr. Arnault told a packed auditorium of anxious shareholders Thursday at the LVMH annual general meeting in the Louvre Museum in Paris. 'Then we came up against a global economic geopolitical situation that was turned upside down by potential customs duties.'
Now, he said, it was up to European leaders to resolve the trade war with Mr. Trump 'amicably.' Any failure would be 'the fault of Brussels,' he added, and would force LVMH to increase U.S. production and 'avoid Europe.'
Echoing a suggestion made recently by Elon Musk, one of Mr. Trump's chief advisers, Mr. Arnault also called on European politicians to press for the creation of a free-trade zone between Europe and the United States.
LVMH is by no means the only global conglomerate to be whipped by Mr. Trump's effort to rewire global trading. But as the world's biggest luxury company, with 75 star brands, including Louis Vuitton, Christian Dior, Tiffany and Dom Pérignon Champagne, it has become an industry bellwether.
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Newsweek
an hour ago
- Newsweek
Donald Trump Touts 'Obliteration' of Iran Sites Seen in Satellite Images
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President Donald Trump disembarks Marine One upon arrival at the White House South Lawn in Washington, DC, on June 21, 2025. President Donald Trump disembarks Marine One upon arrival at the White House South Lawn in Washington, DC, on June 21, 2025. MEHMET ESER//Getty Images Why It Matters Trump said the U.S. struck Fordow, around 60 miles south of Tehran, as well as the Natanz complex to the southeast and Isfahan, southwest of Natanz. The U.S. president is often accused of hyperbole and social media posts saying Iran's key nuclear enrichment facilities had been destroyed have been greeted with caution by analysts as questions remain over whether the operation dubbed Midnight Hammer spells the end of the Iranian nuclear threat. What To Know On Sunday, Trump posted that "monumental damage" had been done to all nuclear sites in Iran, citing satellite imagery. He described how the white structure in one image was embedded into the rock and the biggest damage took place far below ground level," adding "Bullseye!!!" U.S. Chairman of the Joint Chiefs of Staff Gen. Dan Caine said there was "severe damage and destruction" to the facilities at Fordow, Natanz and Isfahan, but did not say Iran's nuclear capacities had been obliterated. Trump did not share the imagery in his post but he could have been referring to pictures published by the firm Maxar on Sunday showing large craters or holes at the top of the ridge above the underground complex at Fordow. When asked if Iran still retains any nuclear capability, Caine said that "BDA is still pending" referring to Battle Damage Assessment by intelligence analysts and reconnaissance teams, using data from drones, satellites, radar, or ground reports. Melamed, a Middle East analyst told Newsweek Iran's military nuclear program has been significantly set back—though not entirely dismantled. Craters are visible and ash can be seen on the ridge at Fordow on Sunday, after U.S. strikes on the underground facility. Craters are visible and ash can be seen on the ridge at Fordow on Sunday, after U.S. strikes on the underground facility. Satellite image ©2025 Maxar Technologies Tehran can either escalate, which threatens the regime's survival, or negotiate, which would preserve its power base "while swallowing a bitter pill," he said. At this point, all eyes should be on Beijing who will likely pressure Iran to deescalate. Pranay Vaddi, who served as special assistant to President Joe Biden as well as senior director for arms control, disarmament, and nonproliferation at the National Security Council, told the publication Defense One that if the deeper reaches of Fordow had survived, Iran could still enrich uranium beyond the reach of the monitors of the IAEA (International Atomic Energy Agency). That may require further "high risk" U.S. action if the locations are beyond the reach of bunker-busting bombs. Also, Iran retains substantial know-how on enrichment and possibly nuclear weaponization, added Vaddi, senior nuclear fellow in the Center for Nuclear Security Policy at the Massachusetts Institute of Technology. The UN nuclear watchdog chief, Rafael Grossi, has said it was not yet possible to assess the damage done at the Fordow nuclear facility. Iranian state media said key nuclear sites had been evacuated ahead of U.S. attacks, with enriched uranium moved "to a safe location." What People Are Saying President Donald Trump on Truth Social: "Monumental Damage was done to all Nuclear sites in Iran, as shown by satellite images. Obliteration is an accurate term!" Former Israeli intelligence official Avi Melamed: "At this stage, it can be assessed that Iran's military nuclear program has been significantly set back—though not entirely dismantled." Pranay Vaddi, former senior director for arms control, disarmament, and nonproliferation at the National Security Council, to Defense One: "If the deeper reaches of Fordow survive, Iran is able to enrich, and there's no monitoring anymore because Iran suspends any IAEA access, that's a bad outcome and may require further U.S. action." What Happens Next Tehran has threatened retaliation for the strikes. Experts say these could include additional rocket launches at Israel, the disruption of shipping in the Strait of Hormuz or strikes against U.S. military sites.
Yahoo
an hour ago
- Yahoo
‘Uncertain' 2025, M&A Deadlock Freeze $1 Trillion in PE Assets
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Yahoo
an hour ago
- Yahoo
Stock market today: Dow, S&P 500, Nasdaq futures rise, oil falls as markets reverse course after US strikes on Iran
US stock futures turned higher on Monday, with oil prices paring gains as markets grew cautiously optimistic over Iran's next move after the US entered the Middle East conflict at the weekend. Futures tied to the S&P 500 (ES=F) climbed 0.3%, while those on the tech-heavy Nasdaq (NQ=F) rose roughly 0.4%. Dow Jones Industrial Average futures (YM=F) edged up 0.1%. Stocks are reversing course after President Trump's decision to join Israel's attacks on Iran threw a fresh bout of uncertainty into the market. Futures on the major US gauges initially retreated, while oil jumped over 4% as investors rushed to grapple with the aftereffects of the weekend strikes. "Markets appear to be treating the US strikes on Iran as a contained event for now, rather than the start of a broader war. The muted haven flows suggest investors are still assuming this is a one-off escalation, not a disruption to global oil supply or trade," Saxo strategist Charu Chanana told Reuters. Trump said late Saturday that the US had struck Iran's three main nuclear enrichment facilities, claiming the sites had been "totally obliterated" — a claim that has since been questioned. He threatened Iran with more attacks if the country did not quickly seek peace talks. The focus now is on Iran's next step — both militarily and diplomatically. Its foreign minister on Sunday said it reserves "all options," while its parliament has reportedly voted to block the Strait of Hormuz — though Iran's leaders have yet to make a final decision. The spike in crude prices is now unwinding as jitters about disruption to energy supplies ease. Experts are skeptical that Iran will follow through on its threat to close the waterway, through which around one-fifth of global oil and gas flows. Brent crude (BZ=F) futures pulled back on Monday, trading at near $77 a barrel after jumping over $80 after the US strikes. US benchmark WTI crude futures (CL=F) also lost hold of gains, slipping to below $74 a barrel. Wall Street is watching oil prices closely, given a shock could have ramifications for the US economy, potentially triggering higher inflation that could spur the Federal Reserve to delay interest-rate cuts. Elsewhere in markets, bitcoin (BTC-USD) retreated, last under the $100,000 level, and gold (GC=F) ticked lower amid a softening in the haven demand that has driven this year's sharp rally. Gold pushed higher with the world in limbo as the US joined Israel's attack on Iran over the weekend. No formal response has been issued by Iran, with wider fallout expected. Spot gold climbed 0.2% to $3,375.04 an ounce taking it to within $125 of its record high as investors sought safe-haven assets in a tumultuous economic situation. Gold then sank 0.5% despite broader haven demand. Bloomberg reports: Read more here. Wall Street is closely watching escalating tensions in the Middle East after President Trump confirmed that the US launched a surprise strike on Iran's nuclear sites late Saturday, marking the country's official entry into the two-week-old conflict. Markets have held mostly steady in the aftermath of the escalation, although US stock futures fell across the board when trading opened Sunday evening. Additionally, bitcoin (BTC-USD) prices, often viewed as a barometer of risk appetite, dropped over 1.6% to trade around $100,500 a coin. WTI crude (CL=F) and Brent (BZ=F) futures jumped, trading near $76 and $79 a barrel, respectively, as uncertainty looms over the potential closure of the critical Strait of Hormuz despite ongoing threats from Iran. The latest surge follows oil's third consecutive week of gains on Friday. "We wouldn't be surprised to see this spark a risk-off reaction in US equities and will be watching the futures closely on Sunday evening and Monday morning," Lori Calvasina, head of US equity strategy research at RBC Capital Markets, wrote in a Sunday evening note to clients. "It has been and remains our belief that the longer and broader the conflict becomes, the more challenging it could be for US equities," Calvasina added. "These escalations come at a tricky time for US equities, as the S&P 500 has looked fairly valued to us (perhaps a bit overvalued) from a fundamental perspective, with more room to run from a sentiment perspective." The analyst said her three main concerns include: first, the risk that rising national security uncertainty could weigh on equity valuations; second, the possibility that renewed geopolitical tensions could stall the recovery in sentiment that began after the early April tariff lows; and third, the potential for a spike in oil prices, which could fuel inflation concerns. In terms of sectors, Energy (XLE) tends to outperform when oils prices rise, while Consumer Discretionary (XLY) and Communication Services (XLC), along with Entertainment, Media, and Interactive Media, tend to lag behind the broader market, Calvasina noted. Citi analyst Stuart Kaiser agreed that sharply higher oil prices remain "the channel for geopolitical risks to impact stock markets," identifying crude prices "well above $80 a barrel" as a critical threshold for concern. Kaiser added that options markets are now pricing in a 10% chance that oil surges 20% over the next month, up from just 2.5% two weeks ago, reflecting mounting tail risks as the conflict deepens. Still, the analyst pointed to resiliency in stocks amid the volatility, saying, "Markets powered through extreme oil volatility and unstable geopolitical headlines to post a risk-on week." Oil prices rose Sunday evening, with investors taking stock of the US entry into the Israel-Iran conflict and how Iran might respond. Much of the focus has turned to Iran's status as a major oil producer and whether it might seek to close the Strait of Hormuz, through which about one-fifth of the world's oil and gas flows. Iran's parliament reportedly pushed for the strait's closure, though it left the ultimate decision up to Iran's top national security body. That may be by design, as Yahoo Finance's Ben Werschkul details: Read more here. Futures tied to the S&P 500 (ES=F) fell 0.6%. (NQ=F) futures dropped 0.7%. Dow Jones Industrial Average futures (YM=F) lost around 0.6%. Oil, both Brent (BZ=F) and WTI, rose over 3%. Gold pushed higher with the world in limbo as the US joined Israel's attack on Iran over the weekend. No formal response has been issued by Iran, with wider fallout expected. Spot gold climbed 0.2% to $3,375.04 an ounce taking it to within $125 of its record high as investors sought safe-haven assets in a tumultuous economic situation. Gold then sank 0.5% despite broader haven demand. Bloomberg reports: Read more here. Wall Street is closely watching escalating tensions in the Middle East after President Trump confirmed that the US launched a surprise strike on Iran's nuclear sites late Saturday, marking the country's official entry into the two-week-old conflict. Markets have held mostly steady in the aftermath of the escalation, although US stock futures fell across the board when trading opened Sunday evening. Additionally, bitcoin (BTC-USD) prices, often viewed as a barometer of risk appetite, dropped over 1.6% to trade around $100,500 a coin. WTI crude (CL=F) and Brent (BZ=F) futures jumped, trading near $76 and $79 a barrel, respectively, as uncertainty looms over the potential closure of the critical Strait of Hormuz despite ongoing threats from Iran. The latest surge follows oil's third consecutive week of gains on Friday. "We wouldn't be surprised to see this spark a risk-off reaction in US equities and will be watching the futures closely on Sunday evening and Monday morning," Lori Calvasina, head of US equity strategy research at RBC Capital Markets, wrote in a Sunday evening note to clients. "It has been and remains our belief that the longer and broader the conflict becomes, the more challenging it could be for US equities," Calvasina added. "These escalations come at a tricky time for US equities, as the S&P 500 has looked fairly valued to us (perhaps a bit overvalued) from a fundamental perspective, with more room to run from a sentiment perspective." The analyst said her three main concerns include: first, the risk that rising national security uncertainty could weigh on equity valuations; second, the possibility that renewed geopolitical tensions could stall the recovery in sentiment that began after the early April tariff lows; and third, the potential for a spike in oil prices, which could fuel inflation concerns. In terms of sectors, Energy (XLE) tends to outperform when oils prices rise, while Consumer Discretionary (XLY) and Communication Services (XLC), along with Entertainment, Media, and Interactive Media, tend to lag behind the broader market, Calvasina noted. Citi analyst Stuart Kaiser agreed that sharply higher oil prices remain "the channel for geopolitical risks to impact stock markets," identifying crude prices "well above $80 a barrel" as a critical threshold for concern. Kaiser added that options markets are now pricing in a 10% chance that oil surges 20% over the next month, up from just 2.5% two weeks ago, reflecting mounting tail risks as the conflict deepens. Still, the analyst pointed to resiliency in stocks amid the volatility, saying, "Markets powered through extreme oil volatility and unstable geopolitical headlines to post a risk-on week." Oil prices rose Sunday evening, with investors taking stock of the US entry into the Israel-Iran conflict and how Iran might respond. Much of the focus has turned to Iran's status as a major oil producer and whether it might seek to close the Strait of Hormuz, through which about one-fifth of the world's oil and gas flows. Iran's parliament reportedly pushed for the strait's closure, though it left the ultimate decision up to Iran's top national security body. That may be by design, as Yahoo Finance's Ben Werschkul details: Read more here. Futures tied to the S&P 500 (ES=F) fell 0.6%. (NQ=F) futures dropped 0.7%. Dow Jones Industrial Average futures (YM=F) lost around 0.6%. Oil, both Brent (BZ=F) and WTI, rose over 3%. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
