With the exception of the Nikkei 225 in Tokyo, most global indices ended the trading day on a down note as concerns over the fiscal cliff in the U.S. and the European debt crisis continued to weigh on investors.
The Nikkei 225 in Tokyo rose 0.2 percent to close at 9,388.94, while the Hang Seng Index in Hong Kong lost 0.2 percent to 21,861.81.
The European markets closed down as euro zone finance ministers, the International Monetary Fund and the European Central Bank met in Brussels to finalize a further tranche of funding worth 31.2 billion euros, or $40.5 billion at current exchange, for Greece. In addition, Italian consumer confidence fell to a record low.
The FTSE 100 in London was down 0.6 percent to 5,786.72; the CAC 40 in Paris dipped 0.8 percent to 3,500.94, and the DAX in Frankfurt declined 0.2 percent to 7,292.03. The FTSE MIB sank 0.7 percent to 15,520.14.
Retail and luxury stocks were mostly down, with the day’s biggest declines including Mulberry and Swatch Group, which were both down 1.4 percent to 10.45 pounds and 74.55 Swiss francs, respectively. Asos.com dropped 0.7 percent to 23.69 pounds, while L’Oréal closed 0.2 percent down, at 14.15 euros, following an announcement that it has acquired Urban Decay from the private equity firm Castanea Partners.
Among the stocks making gains were French Connection Group, which was up 2.1 percent to 24 pence; Inditex, 0.5 percent to 103 euros; and Safilo, which rose 0.3 percent to 6.48 euros.
As Greece’s international creditors were in talks to discuss an aid package for the country, it was still unclear whether creditors will have to accept a writedown on the funds they have loaned Greece.
In Italy, consumer confidence fell to a record low in October as the country continues to grapple with recession and feeble domestic demand.
In the U.S., the Dow Jones Industrial Average fell 0.3 percent to 12,967.37, while the S&P Retail Index was down 0.4 percent to 538.93.
The big concern on Wall Street was primarily the U.S. holiday shopping season as data started coming in on sales over the Black Friday to Cyber Monday sales weekend. One concern was that retailers were getting their sales but mostly because of heavier-than-usual discounting.
Also weighing on the minds of investors was the upcoming fiscal cliff, which is expected to push the U.S. economy into another recession if lawmakers are unable to agree on budget issues over taxes and spending.
The two top gainers were Express Inc., up nearly 5.5 percent to close at $12.88, and The Bon-Ton Stores Inc., up 5.4 percent to $11.86.
Zale Corp. continued its slide down, losing nearly 5 percent in trading to close at $4.78, following Wednesday’s report of a first-quarter loss of $28.3 million, or 88 cents a diluted share, which was 20 cents more than what analysts were expecting. Aéropostale Inc. declined over concerns that it was losing market share to its mall competitors Abercrombie & Fitch Co. and American Eagle Outfitters Inc. Shares of Aéropostale fell 4.7 percent to close at $13.77. Others who saw a decline were Macy’s Inc., falling nearly 4.5 percent to close at $39.86, and Nordstrom Inc., declining 4.1 percent to $54.24.
As one of the most recognizable models in the world, Christy Turlington Burns has an insider’s view of the fashion industry and the allegations of sexual harassment swirling around it. “I can say that harassment and mistreatment have always been widely known and tolerated in the industry. The industry is surrounded by predators who thrive on the constant rejection and loneliness so many of us have experiences at some point in our careers,” Turlington told WWD, along with her suggestions for how the modeling world should protect younger women and men. Read more on WWD.com. Link in bio. (📷: Tony Palmieri) #wwdnews
@asics America has tapped a new brand ambassador: famed DJ/record producer @steveaoki. This initiative is intended to set the tone for the new brand identity and philosophy and will include partnerships with influencers and in-store and off-line activations that will continue into next year. This is Asics’ most significant marketing effort in two decades, and is expected to attract younger consumers to the brand. #wwdfashion
24-year-old Jean Prounis is redefining the rules of jewelry. Formerly a studio assistant to Jemima Kirke and a design apprentice at Ghuran, she focuses on handcrafted subtleties and ancient goldsmithing techniques. “There was a really sterile feel in the environment and I wanted to have jewelry with character that shapes how you wear it everyday,” Prounis said. Each piece is hand made in New York, either by Prounis or three other jewelers in the district. #wwdfashion
“These collections continue to build on that vision, empowering differently abled adults to express themselves through fashion,” said @tommyhilfiger of his line of adaptive apparel, which launches today. The line consists of 37 men’s and 34 women’s styles based upon the pieces from the spring Tommy Hilfiger sportswear collection. #wwdnews
“Stranger Things” is getting a new cast member for season 2. Meet @sadiesink_, the 15-year-old who will be joining the Netflix series for its new season. You may recognize her from “The Glass Castle” with Brie Larson and Woody Harrelson, but the Texas native’s next role goes in an entirely different direction. She describes her character, Max, as “a rough and tumble skater girl [who] becomes friends with the boys at school.” The second season debuts on October 27. (📷: @jgreenery) #wwdeye
Amid the Harvey Weinstein controversy, there’s another sector that’s being put under the spotlight for sexual abuse: the modeling industry. While rumors about abuse and sexual harassment of female and male models — and the photographers, agents and others who perpetrated it — have circulated within the fashion world for years, model @cameronrussell started posting stories from models on Instagram last week about abusive situations they’ve encountered — from sexual harassment and molestation to attempted rape. Over 75 have weighed in so far. Read more on WWD.com. Link in bio. #wwdnews
To celebrate its 16th anniversary, @dylanscandybar tapped designers and celebrities to create mosaics out of candy. The mosaics will be auctioned off to support the philanthropic cause of each participant’s choice. Pictured here is the mural created by @aliceandolivia's Stacey Bendet. For a first look at some of the other artwork being unveiled tonight, go to WWD.com. #wwdeye
The annual Veuve Clicquot Polo Classic in Pacific Palisades this weekend drew Kate Hudson, Tracee Ellis Ross, Laura Dern and more. See pictures of the star-studded event on WWD.com. (📷: @chelsealaurenla) #wwdeye
In his new book “Hollywood Royale,” Andy Warhol’s Protégé Matthew Rolston celebrates the Eighties revival of Hollywood glamour. Featuring more than 100 portraits taken by Rolston from 1977 to 1993, the book contains photos of icons like Michael Jackson, Cyndi Lauper, and @drewbarrymore, pictured here in 1991. “Hollywood Royale,” out today, will be accompanied by an exhibition opening at Los Angeles’ Fahey/Klein Gallery on March 1. #wwdeye