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Kicking it off with shares of Moncler as luxury giant LVMH takes a stake in the Italian fashion house. The deal is seen as a positive move by analysts given it could provide financial backing and support for Moncler, and is especially welcome given the sluggish demand backdrop that has weighed on the industry this year. You are seeing shares actually both moving to the upside. LVMH posting gains of just about 2.3%. But again, the significance of this, and we said it in that last line there, just ultimately maybe some of the cushioning that this does give Moncler because we talked about the fact that the luxury sector has been hit by slower spending. Very much so on a global basis, specifically though, the slowdown in China having a real impact on many of these higher end luxury names. LVMH also taking a hit as a result. Moncler having some challenges there as well. So again, this stake here by LVMH in Moncler maybe shoring up some of that uncertainty. But I think the question, more broadly speaking, Maddie, for this sector, is what it's going to take to turn this around. What it's going to take for some of this traction to gain some steam, and whether or not any of the stimulus efforts that we saw in China, is that ultimately going to make a difference here down the line.

Exactly. And and the degree to which there are so many unknowns in China, it was kind of surprising that we saw that dual move from China, both from the central bank and the government this week, a government that has typically been very anti-stimulus. So what does that indicate about the degree of the weakening that we've seen in that economy, and is there something that officials there know that the rest of us don't, uh that indicates that that weakness is at a point that could be challenging to recover from. Also, some investors this morning saying that the election could throw some cold water on the China trade as well if we do see any policy changes.

Yeah. And and when you take a look at two names like this, obviously, it's at the much higher end, right? You're talking about Moncler jackets which run between two and three grand on average. You're talking about LVMH bags, which are very, very expensive. Each has seen a significant price hike here over the last couple of years as we have seen input prices, input costs rise to the upside. So yes, it is the top tier consumer that we are talking about, but we're looking at this because it's a trickle-down effect, right? Maybe in what this if we do see weakness within that sector, maybe what kind of worrisome signals that then sends for the remainder of the population. And of course, what it means more broadly for the retail sector as well.