The selling tsunami which immediately followed Brexit has left the Savigny Luxury index lost at sea this month.

LONDON, United Kingdom ? The Savigny Luxury index (?SLI?) continued its downward trend, dropping a further 2 percent this month, this time joined in its misery by the MSCI World Index (?MSCI?) which fell almost 1 percent.  The selling tsunami that hit stock markets on Brexit day has left our SLI lost at sea.
Big news
Brexit was shocking enough news but various politicians? rolls of the dice left the UK political scene in shambles and the country potentially facing the biggest constitutional crisis in modern history.  Stock markets plunged around the world, notably the FTSE which registered a steeper one-day fall than at the height of the 2008 financial crisis.  This has had a knock-on effect on our SLI, which is now trading at 9% below its level at the beginning of the year. On the corporate front, it has been more good than bad in an otherwise quiet month.  Kors, Gucci and Mulberry impressed the markets with strong results and outlook.  On the negative side there was talk of restructuring and job cuts at Ralph Lauren, whilst Ferragamo warned that this year was more about risk management than growth.  The Swiss watch sector continued its downward momentum, to the point that the erstwhile issue of scarcity of watch components may now farcically turn into an issue of over-capacity ? as is already the case for finished movements.
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