LONDON— Europe and Asia’s indexes were largely down in morning trading on the heels of yet more discouraging economic data.
Britain’s Office of National Statistics said today that the country’s rate of unemployment rose to 7.9 percent in the three months to June, a bigger than expected rise, meaning that 2.5 million people in the country are unemployed. In addition, the number of people claiming unemployment benefit rose by 37,100 between June and July, the largest monthly increase since May 2009.
The FTSE 100 was down 0.7 percent, while the DAX was down 1.1 percent and the Nikkei 225 closed down 0.55 percent. The CAC 40 had crept up by 0.3 percent.
The falls came after Angela Merkel and Nicolas Sarkozy’s meeting Tuesday did not reveal immediate measures to resolve the European debt crisis, and the leaders of Germany and France rejected the idea of issuing debt backed by all Euro zone countries, in the form of Euro bonds.
A number of luxury stocks were down in morning trading, including Prada, which fell 3.5 percent and Hermes, which fell 0.7 percent. But conversely several firms’ shares had inched up, too — LVMH was up 0.9 percent, L’Oreal was up 0.4 percent and Ferragamo had risen 2.9 percent.
Steve Aoki held a presentation, a runway show and outdoor concert for his men's line Dim Mak. Here's a look from his spring 2018 collection, which was titled "Paradise Found." #wwdfashion #wwdmens (📷: George Chinsee)
"It's really hard sometimes. I think I have a reputation for being really tough and aggressive and pushy but I really am a very shy person who wants to be liked, and that's the conflict constantly. There's something that takes hold - I want people to like me, I don't want to be mean - but if I see something that just cries out to be answered, I go for it," says renowned NBC News correspondent Andrea Mitchell. (📷: @axeldupeux)