Oct 23, 2026 · 10 min
Luxury falters as beauty outperforms and Volvo confronts China’s EV squeeze
Kering Slides, L'Oreal Gains, Volvo Car Plunges
The episode links sharp European stock moves to weakening demand, trade pressure, subsidy changes, and the competitive challenge facing automakers in China.
- 1Kering’s decline reflects Gucci’s weakening revenue in China and North America, while L’Oréal benefits from stronger haircare and premium-skincare sales.
- 2Volvo Cars shares plunge after larger-than-expected losses, US tariffs, reduced EV support, and a more than 40% China delivery decline.
- 3The wider program connects SpaceX’s demanding hiring culture with cities using long-term planning, AI, and infrastructure to manage rapid growth.
Don't miss
Volvo Cars shares plunge nearly 30% as larger-than-expected losses combine with tariffs, weaker EV support, and a more than 40% China delivery decline.
The brief
European markets split sharply: Kering falls as Gucci weakens in China and North America, while L’Oréal gains on stronger haircare and premium-skincare sales.
Volvo Cars delivers the episode’s starkest market signal, with shares plunging nearly 30% after heavy losses, tariffs, weaker EV support, and collapsing China deliveries.
The China setback exposes a deeper competitive problem for Volvo: local automakers are gaining ground as demand and policy support for electric vehicles weaken.
A separate Bloomberg Tech Minute examines SpaceX’s demanding hiring culture, where exceptional ability, loyalty, and alignment with Elon Musk shape candidate expectations.
The closing preview turns to smarter cities, asking how AI, long-term planning, and innovative infrastructure can help Dubai and other cities absorb rapid growth.
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