Retail stocks outperformed on Wall Street, which received a small boost from Japan’s efforts to break a cycle of slow growth with an increase in spending.
The S&P 500 Retailing Industry Group rose 1 percent, or 7.42 points, to 729.47, and Dow Jones Industrial Average increased 0.4 percent, or 55.76 points, to 14,606.11. Best Buy Co. led the retail index higher, gaining 16.1 percent to $25.13 after the retailer agreed to carve out some of its space for Samsung.
The day’s fashion industry gainers included Jos. A. Bank Clothiers Inc., up 8 percent to $43.49; Quiksilver Inc., 4.9 percent to $6.45; J.C. Penney Co. Inc., 4.5 percent to $15.08, and Chico's FAS Inc., 3.4 percent to $17.73.
The Bank of Japan launched a major surprise stimulus package aimed at pushing inflation to 2 percent after years of deflation and slow growth.
The bank has vowed to increase its purchase of government bonds by 50 trillion yen, or $535.85 billion, per year. The move, by the bank’s new governor Haruhiko Kuroda, pushed the Nikkei 225 up 2.2 percent to close at 12,634.54.
The dollar and the euro rose more than 3 percent against the yen on Thursday after the announcement. The yen traded at $0.01 against the dollar and was worth 0.008 euros.
The euro traded at $1.28 against the dollar while the pound fetched $1.51 and the Swiss franc went for $1.05.
European stock markets edged down at the close of trading, as central banks in the region kept interest rates on ice and decided against more economic stimulus measures.
The FTSE 100 in London was down 1.2 percent to 6,344.12, as the CAC 40 in Paris fell 0.8 percent to 3,726.16, the DAX in Frankfurt declined 0.7 percent to 7,817.39 and the FTSE MIB in Milan slipped 0.3 percent to 15,154.02.
Retail and luxury stocks were also down, with the day’s biggest decliners including Brunello Cucinelli, which fell 2.5 percent to 16.35 euros; Compagnie Financière Richemont, 3.2 percent to 73.45 Swiss francs; Yoox, 2.5 percent to 14.45 euros; and L’Oreal, 2.5 percent to 124.10 euros.
Both the European Central Bank and the Bank of England kept their base interest rates stable, at 0.75 percent and at 0.5 percent, respectively. The Bank of England decided not to continue its quantitative easing stimulus plan, amid projections that the country will avoid a triple-dip recession.
Breaking News: @louisvuitton's men's artistic director @mrkimjones is leaving the French fashion house after nearly 7 years. Jones joined Louis Vuitton in 2011, following a three year tenure as creative director of British luxury goods brand Alfred Dunhill. Jones is to exit Louis Vuitton after showing his fall 2018 collection for the brand in Paris on Thursday. Read the full exclusive story on WWD.com. Link in bio. #wwdnews #wwdfashion
For men’s fall 2018, @giuseppezanotti drew on elements from streetwear, sport, biker, combat and rock ‘n’ roll. Pictured here are a pair of shoes from the collection, featuring zippers, rhinestones, and silver hardware. Head to WWD.com to see a roundup of the accessories from Milan’s men’s fall 2018 shows. #wwdfashion (📷: Andrea Delb)
To celebrate the 25th anniversary of @ralphlauren’s snowboarding collection, the brand is mining its archives. The iconic brand is reintroducing vintage styles and dropping new designs for a color capsule that will be available in Ralph Lauren stores and @openingceremony on January 25. The capsule will consist of 10 pieces, including the Snow Beach Pullover, pictured here, which is a collector’s item that rapper Raekwon wore in Wu-Tang Clan’s “Can It Be All So Simple” video. #wwdfashion (📷: Tom Gould)
For @rochasofficial’s pre-fall 2018 collection, creative director Alessandro Dell’Acqua channeled the sophisticated and intriguing Catherine Denevue in the film “Belle de Jour.” Polished collarless coats, midi skirts, suits and ’60s graphic motifs were all featured in the collection, adding a sense of discreet luxury. See the rest of the photos on WWD.com #wwdfashion
“We tried to produce clothing of that couture quality, but the most daunting part was that we only had a matter of days [to do it],” said costume designer Lou Eyrich, who recreated Gianni Versace’s iconic looks for @americancrimestoryfx. Eyrich searched online retailers and vintage shops for original pieces from the design house and for @penelopecruzoficial, who plays Donatella Versace. Head to WWD.com to read how she created the Versace world. #wwdfashion
Only three months after her stellar debut catwalk season, @kaiagerber has inked her first big design collaboration –– with @karllagerfeld. The collection blends Lagerfeld’s Parisian chic aesthetic and the model’s signature West Coast casual style via RTW, accessories, footwear and more. The #KarlLagerfeldxKaia collection will launch in September with a series of events. Get all the details on WWD.com. #wwdnews #wwdfashion
Harrods plans to remove the famous statue of Princess Diana and Dodi Al Fayed from the bottom of the Egyptian escalators and hand it back to Mohamed Al-Fayed. “We are very proud to have played our role in celebrating the lives of Diana, Princess of Wales and Dodi Al Fayed at Harrods and to have welcomed people from around the world to visit the memorial for the past 20 years,” said Michael Ward, Harrods managing director. “With the announcement of the new official memorial statue to Diana, Princess of Wales at Kensington Palace, we feel that the time is right to return this memorial to Mr. Al Fayed and for the public to be invited to pay their respects at the palace.” More on the news, with reporting by @loreleimarfil, at WWD.com. #wwdnews