Slovakia’s parliament voted against a plan to fortify the European Financial Stability Facility, which would have ensured more funds went to indebted nations via bond purchases and loans to bank credits.
The no vote is setback for efforts by European leaders to contain the continent's sovereign debt crisis, which has threatened the global economy and the international financial system.
Slovakia was the last of the 17 European Union member states to vote on the measure, which requires unanimous approval of all member countries. Lawmakers are expected to try again to pass the plan.
Markets were relatively flat in Europe and the U.S. as investors awaited the parliament's decision.
The decision came just after Wall Street closed for the day.
The S&P Retail Index rose 0.4 percent, or 2.07 points, to 528.67, as the Dow Jones Industrial Average slipped 0.2 percent, or 16.88 points, to 11,416.30.
The retail gainers were Charming Shoppes Inc., up 10.4 percent to $2.87, and Aéropostale Inc., ahead 7.1 percent to $12.99, Among those losing ground were Kohl’s Corp., down 3.2 percent to $50.08, and Gap Inc., off 2 percent to $17.58.
In Europe, Frankfurt’s DAX rose 0.3 percent, but all the other markets fell slightly. London’s FTSE 100 slipped 0.1 percent as Paris’ CAC 40 dipped 0.3 percent and Milan’s FTSE MIB retreated 0.4 percent.
Retail and luxury stocks put in a mixed performance with the day’s biggest gainers including French Connection, which rose 5.7 percent; the Swatch Group, which advanced 1.7 percent, and Ferragamo, which increased 1.3 percent. Among Tuesday’s biggest decliners were Asos.com, which fell 3.4 percent; Metro, which tumbled 2.8 percent, and Hermes, which declined 1.5 percent.
Also on Tuesday, European Union finance chiefs and representatives from the International Monetary Fund said Greece would likely get its second tranche of bailout funds in early November.
@margotrobbie steps out onto the red carpet wearing @miumiu. The actress is nominated for “Outstanding Performance by a Female Actor in a Leading Role” in “I, Tonya” at the #SagAwards. (📷: Stewart Cook) #wwdfashion
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For Lady Gaga’s only Italian show on her “Joanne World Tour,” the singer wore a range of @versace_official outfits. The standout piece: this custom-made bodysuit inspired by the brand’s spring 2018 collection. #wwdfashion (RG: @ladygaga)
@_camillaruth_ is expanding on the wellness-craze concept with @westbourne – a new NYC restaurant that’s both a healthy-minded café as well as a business that gives back to the community. Marcus works with the Robin Hood foundation to give back to The Door, a non-profit providing youth development services, and also hires employees through The Door. Read our full interview with Marcus on giving back through food on WWD.com. #wwdeye (📷: @lexieblacklock)