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.
Assouline is paying homage to the late Azzedine Alaïa with a reprint of "Alaïa Livre de Collection.” The book is comprised of photographs of the designer's summer 1992 runway show with models Christy Turlington Burns, Naomi Campbell and Tyra Banks, pictured here at right. #wwdfashion #alaia #tyrabanks
Fall 2018 accessories take on a painterly hue, with Nebulas Blue among Pantone’s top 10 colors of the season. (📸: @jonghyupstudio ; editor: @twallz21 ; stylist and set designer: @haideefindlaylevin ) #wwdaccessories
@americanapparelusa is relaunching the brand outside of the U.S. today, opening its online store to more than 200 countries. The company is also contemplating a return to brick-and-mortar, though details have not been confirmed. In tandem with the expanded distribution is a recasting of a social media ad campagn, called “Back to Basics,” pictured here, with a focus on diversity and a cast of models above the age of 21. Read more on WWD.com #wwdnews #wwdfashion
Exclusive: @britneyspears is continuing to expand her brand. The pop icon, who appears in @kenzo ’s latest campaign, is partnering with Epic Rights to launch a line of branded merchandise. Read @hernameislex ‘s story, link in bio. #wwdnews #britneyspears
The Duchess of Cambridge channeled Princess Diana’s look upon giving birth to Prince Harry, when she and the Duke of Cambridge departed the hospital with the new baby Prince this afternoon in London. #wwdeye #princeofcambridge
The new Prince of Cambridge has arrived! The Duke and Duchess of Cambridge posed with the 8-pound newborn. She wore a look from one of her go-to designers, @jennypackham. Tap link in bio for more. #wwdeye #princeofcambridge
Jewelry label @alisonlou has made a name for itself with fine jewelry that speaks to the Millennial market. Now @twallz21 reports that the label is bringing those playful ideas to a new affordable line of lucite hoops with the launch of Loucite by Alison Lou. Here’s a look from the line modeled by @emrata. #wwdaccessories
@sarahjessicaparker and @gilt are teaming up on a bridal ready-to-wear line. Tomorrow, Parker will launch SJP by Sarah Jessica Parker Bridal — and as part of the launch, Gilt will offer 15 exclusive styles from the SJP by Sarah Jessica Parker footwear collection that were designed to complement the new line. Made out of 10 styles, the line is designed for a variety of occasions, from bridal showers to receptions. Get more details on WWD.com #wwdfashion