By and  on September 28, 2012

Global equity markets ended September’s last trading session mostly on the down side, with a few beating the trend.

In Japan, the Nikkei 225 slipped 0.9 percent to 8,870.16, while Hong Kong’s Hang Seng Index was up 0.4 percent to 20,840.38.

All of Europe’s indexes ended the week down, after a positive start to the day.

The CAC 40 in Paris led the falls, dipping 2.5 percent to 3,354.82, while the FTSE MIB in Milan fell 2.3 percent to 15,095.84. The DAX in Frankfurt dropped 1 percent to 7,216.15 while the FTSE 100 in London was down 0.7 percent to 5,742.07.

Among the factors said to be affecting investor sentiment were the release Friday of France’s 2013 budget, which included the confirmation of a 75 percent tax rate for individuals earning more than 1 million euros, or $1.29 million, a year. Meanwhile, Spain’s government said Friday that according to an independent audit, the country needs an injection of close to 60 billion euros, or $77.3 billion, to recapitalize its banking system.

It was a mostly downbeat day for fashion, luxury and retail stocks. Those that fell the most included Mulberry, down 2.8 percent to 11.19 pounds; Safilo Group, which lost 1.7 percent to 5.95 euros; Ferragamo, down 1.5 percent to 16.19 euros and Compagnie Financiere Richemont, which slid 1.7 percent to 56.40 Swiss francs.

The few risers included Brunello Cucinelli, up 0.6 percent to 13.45 euros; Inditex, which gained 0.5 percent to 96.63 euros, and Swatch Group, up 0.2 percent to 65.35 Swiss francs.

In the U.S., the Dow Jones Industrial Average fell 0.4 percent to 13,437.13, while the S&P Retail Index slipped 0.3 percent to 655.46.

American Apparel Inc. fell 7.2 percent to $1.54. Most other retailers were off as well, with Sears Holdings Corp. down 1.5 percent to $55.49 now that it’s trading over-the-counter following the spin-off of Sears Hometown.

A few managed to make some gains, such as New York & Co., up 1.4 percent to $3.75, and Gap Inc., up 1.1 percent to $35.78.

To continue reading this article...

To Read the Full Article

Tap into our Global Network

Of Industry Leaders and Designers

load comments
blog comments powered by Disqus