Luxury Market in China - Luxury brands are adapting to structural and generational changes in the Chinese market as GDP growth slows to 4.8% in Q3, the lowest in a year, influenced by a deflationary mindset and property slump affecting household wealth and consumer confidence [3] - Despite economic challenges, there is still a strong appetite for premium goods in lower-tier cities, with surprising vibrancy noted in places like Shantou, where foot traffic in upscale malls remains robust [5][6] - The luxury spending trend is shifting, with younger consumers in lower-tier cities first encountering luxury through Chinese brands rather than foreign names, indicating a new demographic engagement with luxury goods [6] Company Performance - 3M reported stronger-than-expected Q3 earnings and revenue, raising its full-year profit forecast and adjusting its 2025 EPS guidance to a range of $7.95 to $8.05, up from $7.75 to $8.00, due to stronger organic growth and margin expansion [7] - Coca-Cola exceeded organic sales estimates in Q3 and anticipates full-year organic sales growth of about 5% to 6% and EPS growth of about 3% [8] - Lockheed Martin surpassed Wall Street expectations for Q3 profit and revenue, driven by strong performance in aeronautics and missile programs, along with sustained demand from U.S. and allied defense customers [9] Media Industry Developments - Warner Bros. Discovery is open to a sale following interest from multiple parties, including Paramount Skydance, as they conduct a comprehensive review of strategic alternatives to unlock asset value [10] - Disney+ and Hulu experienced significant subscriber cancellations, with approximately 7 million customers leaving in response to Jimmy Kimmel's suspension, indicating a potential impact on subscriber growth and retention strategies [11] Stock Market Insights - Goldman Sachs has rebalanced its Buyback Aristocrat stocks, which have outperformed the equal-weight S&P 500 by an annualized average of 3 percentage points since 2012 and by 4 percentage points year-to-date [14] - The top five stocks by trailing 12-month buyback yield include Tapestry at 21%, Invesco at 19%, Aptiv and Globe Life at 16%, and GM at 15% [14]