Investors pushed markets down today and kept a wary eye on the European Union's plan to draw closer together — even as Britain, which has a key international financial hub in London, seeks to distance itself.
Milan’s FTSE MIB tumbled 3.8 percent to 14,896.73, while the DAX in Frankfurt sank 3.4 percent to 5,785.43. The CAC 40 in Paris slumped 2.6 percent to 3,089.59, while the FTSE 100 in London retreated 1.8 percent to 5,427.86.
Among the stocks losing ground were Safilo Group, which tumbled 5.9 percent to 4.85 euros; Tod’s, which sank 3.1 percent to 64 euros; Hugo Boss, which retreated 3.6 percent to 56.65 euros, and Burberry Group, which slumped 3.2 percent to 12.23 pounds. The euro traded at $1.32 while the pound traded at $1.56.
British prime minister David Cameron was the target of cheers — and jeers — in parliament as he defended his decision to reject a new EU fiscal pact.
“We went seeking a deal…and I was genuinely looking to reach an agreement with the necessary safeguards for Britain,” Cameron told fellow parliamentarians Monday. He later explained that he did not get the financial safeguards that he was seeking for the city of London, so he snubbed the deal.
Meanwhile, French president Nicholas Sarkozy told Le Monde newspaper that there are now “two Europes,” referring to Cameron’s decision not to participate in the new fiscal pact that foresees a tighter union and more strict budgetary rules among the EU member states.
And debt-rating agency Moody's Investors Service said it would revisit all of the EU's sovereign ratings in the first quarter.
"This is because the absence of measures to stabilize credit markets over the short term means that the Euro area, and the wider EU, remain prone to further shocks and the cohesion of the Euro area under continued threat," Moody's said.
Wall Street traders were sufficiently spooked and pushed the S&P Retail Index down 0.6 percent, or 3.13 points, to 533.48, as the Dow Jones Industrial Average dove 1.3 percent, or 162.87, to 12,021.39.
The decliners included Abercrombie & Fitch Co., down 2.2 percent to $49.38; Dillard's Inc., 2.1 percent to $46.91; Ann Inc., 2 percent to $24.53, and The Warnaco Group Inc., 1.1 percent to $51.57.
@kith is moving into children’s. The men’s and women’s streetwear brand has launched Kidset, a Kith kids line located in New York at 64 Bleecker Street. The line includes mini versions of staple Kith pieces like the Astor bomber jacket and the Kith box logo sweatshirts, along with a wall that can display up to 120 pairs of shoes from @adidas, @newbalance, @timberland and more. #wwdfashion
“I just wanted to create this fully rounded character, but I do think what excited me most was just the opportunity to give a group of people representation that I feel needs it. I like to do characters in projects that stand for something and Karolina definitely does, so that was really exciting to me,” @ginnygardner says of her new role in @hulu’s “The Runaways.” Gardner plays Karolina Dean, a queer superhero, which is a rarity for @marvel. Read more about Gardner’s character on WWD.com #wwdeye (📷: @dandoperalski)
@heriethpaul and @gracebol have a moment on the @victoriassecret fashion show 2017. See every look from the runway on WWD.com. Link in bio. (📷: @giovanni_giannoni_photo) #wwdfashion #victoriassecret #VSFashionShow
“Azzedine has been one of the biggest influences in my life. He has always been such a strong, loving, fatherly figure to me. I call him Papa. His designs are indescribably unique, they are pieces of art. He knew how to make the female form look its loveliest. I have so many memories of him; my favorite might be during my first show with him in Paris. He liked me and he wanted to help me get more work. He called all his friends at Kenzo and Comme des Garcons, and asked them to book me. They said, ‘But she can’t walk!’ And he said, ‘but she has such a great ass!' His friendship and support has been the great privilege of my career. I can't imagine life without him. Repose en paix mon Papa.” - @stephanieseymour tells @wwd. #wwdfashion (📷: @steveeichner) #alaia #azzedinealaia
Azzedine Alaïa, flanked by two of his closest friends, models Stephanie Seymour and Naomi Campbell.
He designed Seymour’s dress for her 1995 wedding to Peter Brant, and treated Campbell (who famously called him Papa), like a daughter. For more on the legendary designer, tap the link in bio. #wwdfashion #alaia #azzedinealaia