The luxury goods stocks plummeted, dragging down the European stock market, with a market value evaporation of over $30 billion

According to Jinshi's report, Kairun Group warned that after Gucci's sales plummeted, luxury stocks plunged, with a market value evaporation of over $30 billion dragging down European stock markets. The STOXX 600 index in Europe fell by 0.3%, with the consumer products and services sector experiencing the largest drop in over a month. Kairun Group's stock price dropped by 13%, while Gucci's first-quarter sales declined by about 20%. European stock markets have been on a strong rebound for the past two months due to robust global economic growth and possible interest rate cuts by central banks around the world. With the stock market being extremely bullish, people are concerned that any hawkish stance from the Federal Reserve could trigger a wave of profit-taking.