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President Trump threatened a 200% tariff on French wine and champagne. The president’s move could make your next bottle of bubbly a lot more expensive.
The threat prompted alcohol stocks to drop. Shares of Pernod Ricard, LVMH, and others fell following the targeted attack on European spirits.
Good inflation news could be masking a hidden slowdown. Bank of America economists warn that stagnant core PCE may keep the Fed from cutting rates this year.
… Meanwhile, the S&P 500 entered a correction as the Dow dropped 537 points. The threat on European alcohol overwhelmed the positive inflation news.
Amid the economic uncertainty, there’s an upside for the housing market. Volatility has driven mortgage interest rates downward, offering temporary relief for buyers.
Elsewhere, Elon Musk’s distractions contribute to Tesla’s stock drop. Protests and boycotts over Musk’s ties to Trump have played a role in driving down share prices.
Starbucks wants a “third space” comeback
Starbucks is revamping its stores to become a “third space” for customers once again – but only if they’re buying something.
CEO Brian Niccol unveiled plans to enhance the customer experience during the company’s March 12 shareholder meeting, including expanded seating and redesigned expresso bars.
The initiative, part of the “Back to Starbucks” strategy, aims to bring the brand back to its glory days, while addressing declining sales. The company has already started piloting some of these changes at select U.S. locations
What other big changes are in the works? Quartz’s Francisco Velasquez has the details.
The luxury goods that millennials and Gen Z-ers want
Wine lovers are facing a bit of a rollercoaster. While global wine consumption dropped last year — to 12% below the industry’s 2007 peak — high-end bottles are still in high demand.
Younger drinkers are all about quality over quantity, seeking out authentic and memorable wine experiences. But Trump’s proposed tariffs on European wines could make your favorite bottle a lot pricer.
Despite these challenges, top-tier wines are thriving in restaurants, where the rich and rare bottles are seeing a surge in sales.
What cities are embracing the grape? Quartz’s Madeline Fitzgerald breaks this down.
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Our best wishes on a safe start to the day. Send any news, comments, wines, or Starbucks outlets to talk@qz.com. Today’s Daily Brief was brought to you by Francisco Velasquez and Harri Weber.