Happy Friday everyone!

As always we’re back with our weekly news recap

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Fact for the week 🤔:

🎨An art dealer in Madrid was recently arrested for attempting to sell a bogus Leonardo da Vinci painting. The alleged crime was discovered when French customs agents intercepted the painting at a border crossing and questioned its legitimacy. Experts eventually determined that the painting, which was believed to be a Da Vinci masterpiece, was a 20th-century counterfeit worth a fraction of the €1.3 million the dealer had intended to get. This episode shows the continuous problem of art fraud on the market.

Onto this week’s topic 🚦:

🔴 A Fall in Luxury Appetite Hits LVMH 💎

LVMH, the French luxury group known for brands such as Louis Vuitton and Hennessy, is feeling the effects as consumers cut back on high-end spending. The company announced a substantial sales slowdown, notably in Asia, where revenues were down 14% last quarter compared to the same period in 2023. This decline symbolizes the end of the recent luxury spending boom, with LVMH's shares falling and competitors such as Burberry and Gucci following the same path. The luxury sector is showing symptoms of cooling as economic concerns undermine customer confidence.

🟡 Porsche Prototype Heads to Auction 🚘

RM Sotheby's Monterey Car Week auction will feature an ultra-rare 1985 Porsche 959 "Vorserie" prototype. As one of just five surviving V-series prototypes, this vehicle is an important piece of automotive history. This sale could be a dream come true for car enthusiasts, with estimates ranging from $1.8 million to $2.3 million. This Porsche sale exemplifies the enduring value that rare and distinctive assets can have over time.

🟢 Inflation Eases, Rate Cuts on the Horizon 📉

In some positive economic news, the Consumer Price Index (CPI) has dipped below 3% for the first time since March 2021. With inflation looking to be under control, the Federal Reserve is looking to lower interest rates next month, potentially spurring employment creation. This inflation slowdown, particularly in core categories, suggests that the economy is stabilizing following a difficult period of rising prices. Investors and consumers can breathe a little longer, a little lighter, as the US Federal Reserve prepares to soften monetary policy.

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