Global market indices lost ground Thursday, with trading sessions ending the day down.
Asian markets were all down. The Nikkei 225 in Tokyo was down 1.4 percent to 11,309.13, while the Hang Seng Index in Hong Kong fell 1.7 percent to 22,906.67.
The European markets followed, with the FTSE MIB in Milan leading the downturn.
The Italian market sank 3.1 percent to 16,009.55, while the CAC 40 in Paris fell 2.3 percent to 3,624.80 and the DAX in Frankfurt declined 1.9 percent to 7,583.57. The FTSE 100 in London retreated 1.6 percent to 6,291.54.
The day began on a downbeat note: Earlier on Thursday, the Purchasing Managers’ Index (PMI) data in the euro zone was lower than expected for the month of February. PMI is a monthly index of the manufacturing and service sectors, and a key indicator of a region’s economic health.
Retail and luxury stocks were mostly down, with the day’s biggest fallers including Ferragamo, which dropped 3.1 percent to 20.77 euros; Yoox, which was down 3 percent to 14.04 euros, and PPR, which fell 3.6 percent to 168.30 euros.
In the U.S., the Dow Jones Industrial Average was down 0.3 percent to 13,880.62, while the S&P Retailing Industry Group fell 0.8 percent to 693.78.
Among the retailers that lost ground, Zale Corp. fell 8.7 percent to $3.99. The company earlier in the day reported second-quarter results in which net earnings for the three months ended Jan. 31 rose 42.9 percent to $41.2 million, or $1.02 a diluted share, on a 1.1 percent revenues gain to $670.8 million. However, while holiday profits were better than expected, the company said February same-store sales are down by a “midsingle-digit” percentage due in part to the East Coast blizzard at the start of the month and the impact of higher payroll taxes on consumers.
HSN Inc., which also posted earnings earlier in the day, fell 7.7 percent to $53.43. While the firm posted a higher fourth-quarter profit compared with a year ago, its earnings per share of $1 fell short of Wall Street’s consensus estimate of $1.01.
One retail stock that gained ground was J.C. Penney Co., Inc., rising 6.7 percent to $21.55. The company reports fourth-quarter results on Wednesday.
Harrods plans to remove the famous statue of Princess Diana and Dodi Al Fayed from the bottom of the Egyptian escalators and hand it back to Mohamed Al-Fayed. “We are very proud to have played our role in celebrating the lives of Diana, Princess of Wales and Dodi Al Fayed at Harrods and to have welcomed people from around the world to visit the memorial for the past 20 years,” said Michael Ward, Harrods managing director. “With the announcement of the new official memorial statue to Diana, Princess of Wales at Kensington Palace, we feel that the time is right to return this memorial to Mr. Al Fayed and for the public to be invited to pay their respects at the palace.” More on the news, with reporting by @loreleimarfil, at WWD.com. #wwdnews
@prada is introducing a new project at its men’s fall 2018 show this Sunday: “Prada Invites.” The fashion house invited four celebrated creative minds – @ronanaerwanbouroullec, Konstantin Grcic, @herzogdemeuron and @rem.koolhaas – to each create a unique item with its iconic nylon material. The designs will be unveiled on the runway show, which will take place at the company’s warehouse in Viale Ortles 25. #wwdfashion #mfwm (📷: @martinocarrera)
@kering_official is spinning off its stake in puma in an effort to focus on its luxury brands, the brand operator announced yesterday. “We are proud to have supported the turnaround of Puma, which now has unrivaled capabilities to take full advantage of the specific dynamics of its global markets and is poised to achieve substantial growth,” said François-Henri Pinault, Kering’s chief executive officer and chairman. Artémis will become a “long-term strategic shareholder” of Puma with a 29 percent stake. #wwdnews #wwdfashion (📷: @jilliansollazzo)
The fashion world mourns for celebrated street style photographer, Nabile Quenum, who died at age 32 in Paris.
Quenum, creator of the fashion blog “J’ai Perdu Ma Veste,” was a fashion week fixture, and regularly shot for New York magazine’s The Cut, among other outlets, and brands such as Louis Vuitton, Moncler and Adidas. He was also actively involved in the #NoFreePhotos initiative, which kicked off in the fall. Read more about Quenum in @kbsmoke's story on WWD.com. #wwdnews
@verwanggang and @maisonladuree have teamed up on a dessert collab called Vera Wang Pour Ladurée. The collection, which launched this week, features a specialty macaroon, as well as a wedding cake inspired by one of the designer’s gowns. “I could not imagine a more delicate or sophisticated creation to grace any couple’s celebration,” said Wang. #wwdfashion