WWD.com/business-news/financial/europes-markets-mixed-6160163/
government-trade
government-trade

Stocks Slip, Japan GDP Slows

S&P Retail Index falls 0.3 percent.

U.S. retail stocks and the broader market were in retreat today in a mostly slow trading session punctuated with concerns about weaker growth in Japan.

 

The S&P Retail Index slipped 0.3 percent, or 1.57 points, to 622.20 as trading settled. The Dow Jones Industrial Average fell 0.3 percent, or 38.52 points, to 13,169.43. Among those losing ground were Tumi Holdings Inc., down 3.6 percent to $21.32; J.C. Penney Co. Inc., 3.1 percent to $22.67; G-III Apparel Group, 2.5 percent to $27.79, and Maidenform Brands Inc., 1.7 percent to $21.64.

 

In Asia, Hong Kong’s Hang Seng Index slipped 0.3 percent to 20,081.36 and Tokyo’s Nikkei 225 fell 0.1 percent to 8,885.15.

 

Japan reported that economic growth slowed in the second quarter due to the euro crisis. There was also a slowdown in domestic demand. The country’s GDP grew by 0.3 percent during the three months to June 30, compared with the previous quarter. On an annualized rate, the economy grew at 1.4 percent.

 

Markets were also down in Europe.

 

The DAX in Frankfurt sank 0.5 percent to 6,909.68, followed by the FTSE 100 in London and the CAC 40 in Paris, which were both down 0.3 percent to 5,831.88 and 3,426.41, respectively. The FTSE MIB in Milan edged down 0.1 percent to 14,532.87.

 

The day’s biggest decliners included Mulberry Group, down 5.3 percent to 14.13 pounds; Unilever, 6.5 percent to 28.02 euros, and Burberry Group, 1.3 percent to 13.47 pounds.

 

The euro traded at $1.23 while the pound traded at $1.57.