A "catastrophic" performance since the Covid-19 pandemic started has left Tiffany with "dismal" prospects for the future, according to French luxury conglomerate LVMH, which until recently wanted to buy the high-end US jeweller for $16.6bn.
LVMH made the stinging attack on Tiffany and its management in a lawsuit launched this week, in which it is seeking a judge’s blessing to walk away from the deal.
Investors are being forced to rethink their bearish outlooks for the dollar, after mounting worries about a messy US election stoked a recovery in the currency.
Expectations of volatility have risen as investors brace for a disputed outcome in the race between President Donald Trump and his Democratic rival Joe Biden. As a result, large banks and investors have started to reconsider their view of the dollar’s path for the rest of the year, reversing some of the greenback’s recent weakness.
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