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.
EXCLUSIVE: @tomford is opening its first-ever beauty store. The boutique, which opens November 20 in London’s Covent Gardens, was designed with the over-the-top glam Ford is known for. Read the full story on WWD.com, link in bio. #wwdbeauty #wwdnews (📷: Simon Wagner) #TomFordBeauty
New York-based DJ @harleyvnewton threw a party to celebrate the holiday collection of her dress and pajama line @hvn at the Ladurée Beverly Hills. It Girls @katebosworth, @rashidajones and more joined in on the fun, which included cocktails, croque monsieur sandwiches and a photo booth. #wwdfashion (📷: Owen Kolasinski/BFA.com)
For the holidays, @Burberry partnered with 20-year-old artist @blondeymccoy on a series of three outdoor murals in downtown Manhattan. The murals are McCoy’s interpretation of a Christmas eve party, the idea of charity and the spirit of family. His third mural, pictured here, is the most personal. The image depicts McCoy’s grandparents and father in London’s Trafalgar Square in the Seventies. “My work often features lots of sentimental objects.” #wwdeye
For spring 2018, designers applied bold colors and cartoonish motifs on everything from sneakers and belts to key chains. See all the top men’s accessories trends on WWD.com. #wwdtrends (📷: George Chinsee; Prop Styling by @rnasti; Market Editor: @luiscampuzano)
The @dior-sponsored @guggenheim international gala pre-party has a history of drawing cool-girl musical acts to serenade the crowd –– and last night was no exception. @haimtheband performed songs both new and old, and lured a star-studded audience with the likes of Rebecca Hall, Kate Mara, Mamoudou Athie and more. #wwdeye (📷: @lexieblacklock)
In a partnership between the @metopera and the @englishnationalopera, “Marnie” was born. The opera, with costumes sponsored by @mrporterlive, is an adaptation of the 1961 thriller by Winston Graham. Arianne Phillips, who created the costumes, is no rookie: She’s styled Madonna for her tours and created costumes for a myriad of films in the past. Read WWD’s interview with Phillips, where she talks about her inspiration for the opera’s costumes on WWD.com #wwdfashion
@barneysnyc took a different approach to their holiday windows this year. Instead of Christmas decor, Barneys tapped @thehaasbrothers to tell a story of positivity, gratitude and inclusivity via heartwarming silliness and humor. “It’s about kids and it’s about coming together and being family and loving each other,” said Simon Haas. #wwdfashion (📷: @joshuascottphoto)
Beauty influencer @kandeejohnson makes her foray into hair care with a collaboration with @ogx_beauty — making it the first time that OGX has teamed up for a product creation. The collab includes shampoos and conditioners in three scents. At 39 and a mom, Johnson is a different profile than the emerging social media stars, but is considered one of the pioneers of the digital beauty influencer world. Read WWD’s interview with her on wwd.com, including the strangest beauty product she’s ever tried #wwdbeauty