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Kering and Hermes were down by around 1% by 0705 GMT.
HSBC cut its ratings on Kering, Richemont and Burberry to “hold” from “buy”, while it also downgraded Hermes to “reduce” from “hold”.
“We expect the luxury sector to report exceptionally strong top-line growth for Q2 and expanded margins for H1, but the market might take a break as it really could be as good as it gets,” wrote HSBC in a note.
