LVMH’s latest sales figures show Chinese and U.S. demand for luxury goods was wobbly—even before the trade war between the two countries kicked off in earnest. Shares in Louis Vuitton's owner sank Tuesday, after the company said sales fell 3% over the three months through March compared with a year earlier. The pullback meant LVMH lost its crown as Europe’s most valuable luxury company to Hermès, which reports later this week.

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