U.S. investors had the jitters on Tuesday, worried over third-quarter earnings reports and hoping for some clarity on the timing of a possible bailout request from Spain.
The day started in Asia with the key indices ending their trading sessions mixed. The Nikkei 225 in Tokyo was down 0.1 percent to 8,786.05, while the Hang Seng Index in Hong Kong was up 0.4 percent to 20,840.38.
European markets closed slightly down after a relatively flat day of trading, as investors awaited details on the timing of a possible Spanish bailout.
The CAC 40 in Paris fell by 0.6 percent to 3,414.24. The DAX in Frankfurt dropped by 0.3 percent to 7,305.86; the FTSE 100 in London and the FTSE MIB in Milan were both down 0.2 percent to 5,809.45 and to 15,495.79, respectively.
Overall, retail and luxury stocks made gains, with the day’s strongest performers including Compagnie Financière Richemont, which was up 2 percent to 58.65 Swiss francs, following an announcement earlier in the day that it had acquired the Swiss watch and components manufacturer VVSA. Other risers included Mulberry, up 2.4 percent to 12.30 pounds; ASOS, 2.8 percent to 22.40 pounds; Brunello Cucinelli, 1.8 percent to 13.80 euros; and Yoox, 1.8 percent to 10.18 euros.
Last week, Spain’s government said that debt levels would likely increase further in 2013, reaching 90.5 percent of the country’s gross domestic product. Spain is widely expected to ask for a bailout from the EU and the International Monetary Fund, following in the footsteps of Greece, Portugal and the Republic of Ireland.
Spain’s Prime Minister Mariano Rajoy indicated that a request wasn’t imminent.
The skittishness of investors hit the U.S. equity markets mid-day, and ultimately resulted in the Dow Jones Industrial Average falling 0.2 percent to 13,482.36. The S&P Retail Index was down 0.4 percent to 653.92.
The retailer that lost most ground was Express Inc., which dropped 22.2 percent to $11.68, after the retailer lowered its third quarter profit forecast. Other retailers that posted declines were J.C. Penney Co. Inc., which lost 4.2 percent to $23.56, and Ann Inc., down 3.3 percent to $36.46.
Bon-Ton Stores Inc. was one of the few that bucked the trend and rose 7.5 percent to $11.12.
My character, Dinah Madani, is just the coolest, [most] badass woman imaginable," says @amberroserevah. The actress stars in @marvel's newest series on @netflix, @thepunisher. To prepare for her role, Revah sat down with Homeland agents to get a real sense of with Dinah's day-to-day life is really like. Read our full interview on WWD.com. #wwdeye (📷: @jilliansollazzo)
A scene from the 91st annual @macys Thanksgiving Day Parade. The parade, which boasts 50 million TV viewers and 3.5 million on-site spectators, is considered one of the largest and most watched parades in the world. (📷: Jason Szenes/EPA-REX)
The circus came to @bloomingdales 59th Street on Tuesday night and lit up Lexington Avenue with acrobatic dancers, death-defying knife throwing, sword swallowing and aerial acts with no net. The 45 minutes of theatrics built up to unveiling the holiday windows depicting @swarovski crystal-encrusted circus pieces and scenes from “The Greatest Showman” – songs from the soundtrack included. See the rest of the photos on WWD.com #wwdfashion (📷: Joshua Scott)
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@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)