China's Luxury Panic Leaves the US Holding the Bag

A year ago, shoppers in Shanghai visiting The Louis, a massive Louis Vuitton emporium shaped like an ocean liner, were stocking up on pricey luggage, raising hopes that China's luxury market was finally rebounding. The striking homage to the brand is still a tourist attraction, but the recovery ship may have sailed. There are growing concerns that the nascent upturn in Chinese top-end spending has stalled, leaving big bling more dependent on America for growth this year — and ever more vulnerable to any downturn in the US stock market.