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.
@chanel and @pharrell dropped what’s being dubbed as the world’s most exclusive sneakers yesterday. The Adidas Originals NMD Hu, which Williams designed in collaboration with Chanel and @adidasoriginals, has a waiting list of over 120K people who pre-registered online at chanelatcolette.fr –– and only 500 pairs are on sale. The singer predicted the resale value of the shoes could reach $40K. Read the full interview on WWD.com. Link in bio. #wwdfashion (📷: Dominique Maître)
@imanshumpert is diving deeper into his creative endeavors and relaunching his clothing line, Post 90s, and is helping to raise money for the hurricane victims in St. Maarten with a jersey he’s designed with his brother. The Cleveland Cavaliers player talked to WWD about kneeling during the national anthem, working with fashion brands and how he wants to be more than an @nba player. Read the interview on WWD.com #wwdfashion (📷: George Chinese)
Not only does #TheProfit return to CNBC tonight, but @marcuslemonis has launched @shopmarcus, a new shopping and lifestyle retail experience in Aspen and Chicago, with more locations to come. The retail stores offer in-store stylists and a variety of contemporary womenswear selections.
“It’s life, I’m going to face it,” @mingxi11 sighed. “I fell, but you know, I think the most important thing is that I get back up. I had the love, the help from my sister — the girl next to me Gizele [Oliveira] — she’s so nice. When I went backstage everybody was trying to comfort me like ‘Oh Ming, it’s OK.’ I’m really, really touched. I think it’s them who gave me the courage to go back on stage for the finale,” Xi told WWD of her fall at the @victoriassecret fashion show. (📷: David Fisher) #wwdfashion #vsfashionshow #victoriassecret
@louisvuitton tapped @therealpeterlindbergh for its latest city-centric photo book, which is part of a series called Fashion Eye. The primarily black and white book captures the spirit of Berlin in 57 images shot between 1989 and 2019. “Berlin is an inspiration for me, more than a city. I mean @millajovovich is simply Berlin!” said Lindbergh. #wwdfashion
“You know, I think audiences expect a certain performance so I have to deliver to them what they’re expecting to a certain degree. But I’m also a different actor and a different person, I have my own spin on the character,” says @noahegalvin of his takeover of the leading role in “Dear Evan Hansen” following the departure of @bensplatt, who originated the role. Read WWD’s interview with the 23-year-old actor on WWD.com #wwdeye (📷: @jilliansollazzo)
For pre-fall 2018, @etro created richly-colored wonderland, using tapestries, textiles and wallpapers from the Eastern world at large. The line featured floral and graphic prints and jacquard motifs, like this two-piece look featured here. #wwdfashion (📷: Giovanna Pavesi)
@kith is moving into children’s. The men’s and women’s streetwear brand has launched Kidset, a Kith kids line located in New York at 64 Bleecker Street. The line includes mini versions of staple Kith pieces like the Astor bomber jacket and the Kith box logo sweatshirts, along with a wall that can display up to 120 pairs of shoes from @adidas, @newbalance, @timberland and more. #wwdfashion
“I just wanted to create this fully rounded character, but I do think what excited me most was just the opportunity to give a group of people representation that I feel needs it. I like to do characters in projects that stand for something and Karolina definitely does, so that was really exciting to me,” @ginnygardner says of her new role in @hulu’s “The Runaways.” Gardner plays Karolina Dean, a queer superhero, which is a rarity for @marvel. Read more about Gardner’s character on WWD.com #wwdeye (📷: @dandoperalski)