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.
@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)