FT News Briefing LVMH looks to shrink its luxury empire
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May 7, 2026 
Kostas Morsellas, an FT markets reporter, and Adrienne Classe, an FT luxury correspondent in Paris, dive into hedge funds’ big rebound on the AI tech rally, why those funds still rise and fall with broader markets, Samsung’s worker clash over chip profits, and why LVMH may sell brands like Marc Jacobs and its Fenty stake as luxury demand cools.
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US Fuel Exports Surge As War Disrupts Supply
- US refined fuel exports hit 8.2mn barrels a day last week, up 20% year on year as buyers scramble to replace shortages from the Iran war.
- Asia and Europe were hit hardest; Brent briefly fell below $100 on peace hopes even as military tensions stayed volatile.
AI Stock Rally Rescued Hedge Fund Returns
- Hedge funds posted their best month since 2020 after AI-fueled tech earnings drove a sharp equity rebound.
- Kostas Morsellas said Intel more than doubled, AMD rose 74%, and the S&P 500 gained 10% in one month.
Treat Hedge Funds As Market Exposure Too
- Be careful treating hedge funds as protection because many move with the broader market more than investors expect.
- Kostas Morsellas said they are often long-biased; in 2022, market-linked hedge funds lost money and investors pulled cash.