In Asia, the Nikkei 225 in Tokyo rose 0.1 percent to 14,615.04, while the Hang Seng Index in Hong Kong increased 0.3 percent to 21,371.87.
In Europe, the FTSE MIB in Milan led the charge, up 1.1 percent to 15,695.03, while the Dax in Frankfurt gained 0.7 percent to 8,254.72. The CAC 40 in Paris rose 0.6 percent to 3,872.02, followed by the FTSE 100 in London, up 0.2 percent to 6,571.93.
Most luxury and retail stocks were up, with the exception of a few, such as Safilo Group, which lost 2.74 percent to 15.29 euros, and Yoox SpA, down 1.3 percent to 19.75 euros. Among those gaining ground were Marks and Spencer Group plc, up 2.8 percent to 4.74 pounds, and Kering, rising 1.7 percent to 169.50 euros.
In the U.S., the Dow Jones Industrial Average rose 0.1 percent to 15,470.52, while the S&P 500 Retailing Industry Group rose 0.3 percent to 840.89.
Although Federal Reserve chief Ben Bernanke said in testimony on Capital Hill today that tapering on economic stimulus measures could likely begin later this year, he also told Congress the reductions were “by no means on a preset course.” He emphasized the Fed’s flexibility and that any pull back on its bond purchases would depend on improvement in the economy.
That seemed to ease concerns by investors who had been afraid that any reduction would occur on a bigger scale. Those concerns that tapering could even begin as early as September led to the stock market pullback last month.
In Wednesday’s trading session, Pacific Sunwear of California Inc. gained the most at 5.8 percent to $4.21, while Tilly’s Inc. lost 4.1 percent to $16.01. Outside of the teen space, J.C. Penney Co. Inc. slid 3.3 percent to $16.56.
Supermodel @helenachristensen teamed up with longtime friend and designer @camillastaerk on a joint @paredeyewear collaboration. The lineup features three styles and 11 offerings, all of which embody a vintage feel. Get all the details on how they celebrated the collab on WWD.com. #wwdaccessories #wwdeye (📷: @slovekinpics)
“It’s a hard industry to keep motivated, as well, so finding different subjects and people is what makes it worth it – when you’re like, oh, I’ve met great people, I feel like I’ve done something good, and I feel proud of having done this,” said French actress Stacy Martin on being grateful for the variety of roles she’s take on. Read @ktauer’s full interview with Martin on her her latest film “Godard Mon Amour.” #wwdeye (📷: @danieldorsa)
After showing in front of the Eiffel Tower for his last two women’s ready-to-wear collection, it looks like @anthonyvaccarello may be heading to the Big Apple. Sources say the designer will stage his next @ysl show in NYC on June 6. Get all the details on WWD.com. #wwdnews #wwdfashion (📷: @aitorrosasphoto)
EXCLUSIVE: Two and half months after John Targon, cofounder and codesigner of Baja East, was hired as creative director of the contemporary division at Marc Jacobs, he has left the company, WWD has learned. Marc Jacobs International, which is owned by LVMH Moët Hennessy Louis Vuitton, confirmed Targon’s departure in a statement: “John Targon is a talented designer and we appreciate the work he has done here. Ultimately working together did not make sense for the brand and we wish him the best.” Read the story by @jessiredale, link in bio. #wwdnews
@theluxurycollection is officially launching a collection, tapping Sofia Sanchez de Betak for the capsule. Over 30 styles will be featured in the Chufy x The Luxury Collection, debuting next month at Bergdorf Goodman, The Webster, FiveStory and more. De Betak, known as “@chufy,” drew inspiration for the collection from her trips to Japan in the past year #wwdfashion
@lhd, founder and CEO of @thewebster, has teamed up with @lebonmarcherivegauche for the European launch of her ready-to-wear line, LHD. The launch will come with an exclusive pop-up opening today that’s set to run through May 20. Located on the second floor, it carries her debut Miami-themed resort collection, launched in November as see-now-buy-now. #wwdfashion