Global equity indices turned south in most major markets over concerns about the strength of the economic recovery.
In Asia, the Nikkei 225 in Tokyo was the exception, rising 3 percent to 12,362.20. In Hong Kong, the Hang Seng Index dipped 0.1 percent to 22,337.49.
In Europe, the slide was led by the FTSE MIB in Milan.
The Italian market closed down 2.3 percent to 15,200.30, dented by the country’s political limbo: Pier Luigi Bersani has failed to form a government, and the Italian president Giorgio Napolitano is now relying on a group of ten “wise men” to cobble together reforms that will keep the country afloat until the next round of elections.
The CAC 40 in Paris sank 1.3 percent to 3,754.96; the FTSE 100 in London 1.1 percent to 6,420.28; and the DAX in Frankfurt 0.9 percent to 7,874.75.
Retail and luxury stocks were mostly down, with the day’s biggest decliners including Burberry Group, down 3.3 percent to 12.82 pounds; Debenhams, 3.4 percent to 81 pence; Geox, 4.4 percent to 2.08 euros, and Mulberry Group 2.8 percent to 9.81 pounds.
In the U.S., the Dow Jones Industrial Average fell 0.8 percent to 14,550.35, while the S&P 500 Retailing Industry Group decreased 0.4 percent to 538.93.
American Apparel Inc. led the retail stocks that lost ground, losing 5.2 percent to $2, followed by Cache Inc., which fell 3.2 percent to $4.
Pacific Sunwear of California Inc. was one of the exceptions, rising 6.3 percent to $2.21. Abercrombie & Fitch was another, gaining 3.8 percent to $47.20.
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For @laperlalingerie's spring 2018 show, the brand chose to host their event at @thevenetianmacao. With Chinese megastars @bingbing_fan and @hubing in attendance, La Perla debuted a rock ‘n’ roll-inspired collection. The show marked the start of Sands Macao Fashion Week, which runs from October 19 to 24 — the city’s first such event. Pictured here are models backstage with glimmering eyes. #wwdfashion (📷: Cheuk-Yin To)
Trending for spring 2018: top stitch design. Gone are the days of stitch just for seams — designers are using the once-minimal detail to create strong decorative elements. (📷: Paola Testa; Styled by @andrew_shang) #wwdfashion
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Spotted last night at the @erdem x @hm launch event: Kate Bosworth, Rashida Jones, Kirsten Dunst and Selma Blair. The party, which took place in LA, also marked the opening of their pop-up shop. “I was interested in creating a collection that wasn’t in any way disposable. It was about pieces you’d create and keep forever, things that have a permanence to it,” designer Erdem Moralioglu said. #wwdeye (📷: Katie Jones)
Renee Zellweger in yellow in 2001 and again in 2017. Chosen as one of the 12 @pantone Leading Spring Colors (and dubbed “Meadowlark”), it only makes sense that the bright hue stands the test of time and is making a resurgence this season, seen already on stars like @blakelively and @gigihadid. (📷: Donato Sardello & @rexfeatures) #wwdfashion #tbt
Dior’s 70th anniversary celebration continues with a new exhibition at the Royal Ontario Museum in Toronto. “Christian Dior,” which is scheduled to run through March 18, takes a look at the founders tenure from 1947 to 1057 and feature 40 designs. Pictured here is an evening gown from the Ailée, fall 1948-49 haute couture collection. #wwdfashion (📷: Brian Boyle)