U.S. equity markets ended Tuesday’s trading session on an up note, boosted by strength in housing and consumer confidence data.The S&P/Case-Shiller index showed home prices rose in December, while the Consumer Confidence Index gained in February compared with January’s decline. Also, Federal Reserve Chairman Ben Bernanke told Congress Tuesday that economic growth has picked up this year, despite high levels of unemployment and fiscal uncertainty in Washington.In testimony before the Senate Banking Committee, Bernanke said the economy has continued to “expand at a moderate if somewhat uneven pace.”“The pause in real GDP last quarter does not appear to reflect a stalling-out of the recovery,” Bernanke told the committee, as he delivered the Fed’s semiannual monetary policy report to Congress. “Rather, economic activity was temporarily restrained by weather-related disruptions and by transitory declines in a few volatile categories of spending, even as demand by U.S. households and businesses continued to expand.”He said the recent increase in gasoline prices is “hitting family budgets,” although overall inflation remains low. The Fed is anticipating the overall inflation rate will run at or below its 2 percent target in the medium term.Bernanke defended the Fed’s $85 billion bond-buying program aimed at keeping interest rates low to spur economic growth.“Notably, keeping longer-term interest rates low has helped spark recovery in the housing market and led to increased sales and production of automobiles and other durable goods,” Bernanke said. “By raising employment and household wealth — for example through higher home prices — these developments have in turn supported consumer sentiment and spending.”The Dow Jones Industrial Average rose 0.8 percent to 13,900.13, while the S&P 500 Retailing Industry Group increased 1.5 percent to 692.47. Among the retailers that posted gains were Christopher & Banks Corp., up 5.8 percent to $6.04, and Zale Corp., which rose 5.7 percent to $4.11. Other gainers include Stage Stores Inc., up 4.9 percent to $24.08, and Tiffany & Co., rising 3.1 percent to $66.01.Elsewhere the major global indices posted a down day in their trading sessions.The Nikkei 225 in Tokyo fell 2.3 percent to 11,398.81, while the Hang Seng Index in Hong Kong was down 1.3 percent to 22,519.69.In Europe, the inconclusive outcome of the general elections in Italy sent the European stock markets down.The FTSE MIB in Milan was down 4.9 percent to 15,552.20, while the CAC 40 in Paris sank 2.7 percent to 3,621.92. The DAX in Frankfurt fell 2.3 percent to 7,597.11, while the FTSE 100 in London retreated 1.3 percent to 6,270.44.Italy’s two-day, parliamentary election ended with the center-left bloc winning the lower house, but failing to secure a majority in the Senate.Control of both houses is needed to govern the country, which is mired in recession and pursuing a program of austerity measures. It is now up to the parties with the biggest majorities to form a coalition government, which will most likely be weak, or for the country to call a fresh round of elections.Among the stocks that lost the most ground was Mulberry Group, which was down 3.4 percent to 13.52 pounds, following Panmure Gordon’s reiteration of its hold rating on the stock earlier this week.PPR sank 2.8 percent to 166.95 euros; L’Oréal was down 2.4 percent to 111.95 euros; Inditex fell 2.5 percent to 101.05 euros; and Carrefour was down 2.6 percent to 20.30 euros.
A first look at @virgilabloh’s sneakers for @louisvuitton. Abloh spoke to WWD about his debut collection for Louis Vuitton, creating @kendalljenner’s #metgala outfit and redefining the heritage brand. Read the full story on WWD.com. #wwdfashion 📷: @alfredo_piola)
The world’s largest producer of denim @iskodenim is sharing the strategy behind its product development process. Read our full interview with ISKO’s product development manager Baris Ozden on the company’s extensive research practices, upcoming denim trends and the latest material innovations on WWD.com. #iskodenim
“I genuinely fell in love with water, I fell in love with Fiji, I fell in love with the whole life that we lived for those few months,” says @mrsamclaflin of filming for his new movie “Adrift” with @shailenewoodley. The 31-year-old actor spoke with WWD about his upcoming projects, meeting Jamie Dornan and working with co-star Woodley. #wwdeye (📷: @jamstoker)
3 years ago, fans of the late singer Aaliyah started calling for a collaboration with @maccosmetics. With the strength of social media — including mock ups of products — 25,000 people signed a Change.org petition for a limited-edition collection, and MAC couldn’t ignore the buzz. Tomorrow, MAC will unveil MAC x Aaliyah, a tribute to the singer who passed away nearly 17 years ago. Head to our stories to preview the new collection, which was worked on by Aaliyah’s family and inspired directly by her makeup bag. #wwdbeauty
Artistic director @clarewaightkeller will be dedicating @givenchyofficial’s fall 2018 couture show in Paris on July 1 to house founder Hubert de Givenchy, who passed away in March at age 91. Givenchy said the collection would be “an homage to his iconic creations, technique, and personal lexicon” and a “celebration of his timeless elegance and grace.” Head to WWD.com to read more. #wwdfashion (📷: Delphine Achard)
La Double J made a name for itself with its vintage-inspired prints, but for resort, designer JJ Martin has ventured into new territory: enter rich jewel toned solids and decadent embellishment, in the form of appliqués, crystals and sequins. #wwdfashion #resort19 #ladoublej
This Just In: J. Crew Group has named Johanna Uurasjarvi as its chief design officer.
Uurasjarvi succeeds Somsack Sikhounmuong, who left the company last September. Tap the link in bio for the full report. #wwdnews
“She came into my hotel room and she was like, ‘I have Chanel and Christian Dior.’ She was like, ‘Chanel likes you.’ And I was like, ‘I’m going to start crying,’” breakout star Maddie Hasson tells WWD of her styling sessions Molly Dickson. “I really like classic, elegant things. I love the way Anna Wintour dresses.” Read more about Hasson’s role in @impulseseries on wwd.com. (📸: @jgreenery ) #wwdeye
@virgilabloh revealed he's working with Australian stylist and
Vogue Australia fashion director @christinecentenera for his debut @louisvuitton men's collection, which will be presented in Paris on June 21. Centenera met Abloh while both working with Kanye West, where she consulted on his all his runway collections since his debut spring 2012 women's wear show. Read the full story on WWD.com. #wwdfashion #wwdnews (📷: @asussmanphoto)