Luxury waits for the US kitten-heeled mule to drop

Unlock the Editor’s Digest for free

Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.

Some people follow trends; real fashionistas anticipate them. Unhappy earnings from luxury behemoth and bellwether LVMH should therefore trouble discerning investors. The Louis Vuitton owner’s shares fell 7 per cent on Tuesday after poor first-quarter sales. But its reported figures don’t yet reflect much of a softening in the US market.

The main problem today is…