Luxury brand Burberry is facing a challenging period as it announced on Monday that it has replaced its chief executive and suspended its dividend after warning of falling annual profits. The company saw its shares plummet by 11% following the news.

Burberry, renowned for its iconic trenchcoats, revealed that Joshua Schulman, the former CEO of US brand Michael Kors, will take over as the new chief executive. Schulman replaces Jonathan Akeroyd, who has departed from the company "with immediate effect by mutual agreement with the board."

The announcement was made as Burberry released a trading update for the three months ending in June, in which it warned that the market conditions were proving to be more challenging than expected. Consequently, the luxury brand decided to suspend its dividend, as it is on course to post an operating loss in the first half of the financial year.

The trading update also revealed a significant slump of 21% in comparable store sales during the first quarter. This resulted in a downslide of 22% in revenues, which amounted to £458 million ($594.9 million).

Richard Hunter, head of markets at Interactive Investor, commented on the situation, stating that if current trading levels persist, Burberry could slip into an operating loss in the first half of the year. He also mentioned that the company has been facing weakening consumer demand, particularly in China, where sales in the Asia Pacific region declined by 23% in the first quarter.

Prior to Monday's announcement, Burberry's shares had already fallen by 58% over the past year, and the news is expected to have a significant impact on the company's fortunes in the near term.

In other news, the price of Bitcoin experienced a notable jump, which some analysts have linked to the attempted assassination of Donald Trump. The US president, known for his pro-crypto stance, has previously expressed support for the future of Bitcoin being made in the US and has accepted cryptocurrency payments for his campaign, making him an attractive candidate for crypto enthusiasts.

It is also worth noting that Trump is scheduled to speak at the Bitcoin 2024 conference in July. Following the assassination attempt on Saturday, the Polymarket platform saw a 10-point increase in Trump's chances of winning November's presidential election, bringing it to 70%.

Rania Gule, market analyst at XS.com, suggested that US political news is driving gains in cryptocurrencies due to its speculative nature. She believes that if Trump is re-elected, his policies may lead to less stringent regulatory measures on cryptocurrencies, thereby encouraging more investments.

Meanwhile, Trump Media experienced a significant surge of almost 70% in pre-market trading, reflecting traders' increased bets on a Trump victory in the upcoming presidential race following the attempt on his life over the weekend. Market speculators anticipate that the assassination attempt could make a Trump victory more likely, which would be beneficial for Trump Media, despite its financial struggles thus far.

Charu Chanana, market strategist at Saxo Capital Markets, commented on the situation, stating that with the markets pricing in a greater possibility of a "Trump 2.0," the US dollar is likely to gain momentum, while currencies such as the Mexican peso and Chinese yuan may face challenges. This suggests that "Trump trades" could regain focus in the market.

In separate news, global recruiter Robert Walters cautioned that it does not expect the job market to rebound until next year due to a slowdown in hiring worldwide. The recruitment consultancy revealed that its headcount decreased by 5% during the second quarter, with a 15% decrease compared to the same period last year.

Net fee income also experienced a 12% slump to £84.8 million on a constant currency basis during the three months ending in June. Additionally, gross profit fell by 14% to £166.1 million. The uncertainties surrounding the global economy, coupled with election concerns in several countries, have led to a lack of hiring momentum and reluctance among candidates to change jobs.

CEO Toby Fowlston expressed confidence in the company's leadership team, which has successfully navigated various market cycles. However, he stated that any significant improvement in confidence levels is expected to be gradual and may not occur before 2025.

Overall, Burberry's struggles, the impact of political events on cryptocurrency markets, and the slow job market recovery highlight the volatile and uncertain landscape in the world of finance.

Note: The dates in the article have been omitted as they were not explicitly provided in the original information.