Goldman Sachs CEO: Trade business is expected to decline by 10% year-on-year.

Goldman Sachs, which ranks among the top performers in stock price growth this year, has issued a warning signal to investors, advising caution. David Solomon, the bank's CEO, said at a Barclays-hosted conference on Monday that the bank's trading business is expected to decline by 10% year-on-year, with the fixed income business experiencing the largest decline. The company, based in New York, will also suffer a pre-tax hit of $0.4 billion from its continuously narrowing consumer business. The company is also exiting its credit card partnership business with General Motors and its seller financing business. Analysts had originally predicted a 6.6% decline in Goldman Sachs' trading business this quarter, but Solomon's forecast is even larger.

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The owner of the Gucci brand, Kaiyun Group, saw its stock price drop to a new low since 2017.

Gucci brand owner, French fashion goods company Kering's share price fell to a seven-year low, becoming one of the stocks most affected by the recent sell-off in the luxury goods sector. Kering fell 4.3% on Monday, marking its largest decrease in about seven weeks. Barclays analyst downgraded the stock from equal weight to shareholding. Meanwhile, Kering's peers such as LVMH and Hermes achieved a modest rebound from last week's steep drop. This round of decline was mainly driven by market concerns over demand in the Asia region.

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