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.
@pantone announced their Color of the Year 2018: Ultra Violet. Nearly 20 months after the musician Prince’s death, fashion is having a purple moment. Varying shades of purple appeared on spring or fall runways, from @christopherkane to @calvinklein. @gucci’s Alessandro Michele bathed his fall runway in ultra violet-colored light at one point. Pantone 18-3838 is meant to “push the boundaries of what inspires us to look upward and outward to the future.” #wwdnews #wwdfashion (📷: @kukukuba)
@badgalriri’s @fentybeauty launch in September was a massive success on social media, powering $72.9 million of earned media value, according to Tribe Dynamics. The brand’s foundation offering sparked conversations about diversity in beauty, launching the growth of emerging influencers and propelling the brand’s support on social media. Today, #fentybeauty won Launch of the Year at the WWD #BeautyIncAwards. (📷: Chema Moya/EPE-EFE)
@marianna_hewitt has become one of the most influential content creators in the beauty space, with almost 800,000 Instagram followers and a newly launched skin care line called @SummerFridays. Today, she was awarded Influencer of the Year at the WWD #BeautyIncAwards. (📸: @sophiachabbott )
As shopping behaviors evolve, the retail experience must follow. Head over to retail experts @colliersinternational’s Knowledge Leader series to read more about the shift in our shopping era. #colliersretail #lovecolliers
@prada opened a pop-up club, called Prada Double Club, in collaboration with German artist Cartsen Höller at @artbasel Miami. Last night, guests – including @youngparis, @ritaora and even Miuccia Prada herself – gathered in a former ice factory where the pop-up is housed for a performance from @wyclefjean. Go to WWD.com for full coverage on all the exhibits, parties and more at #ArtBaselMiami. #wwdeye (📷: @lexieblacklock)
@louboutinworld and @disney are making magic once again, creating a set of shoe designs for the release of “Star Wars: The Last Jedi.” Louboutin designed a pair of shoes for each of the film’s four female leads: Rey (@daisyridrey), Vice Admiral Amilyn Holdo (@lauradern), Captain Phasma (Gwendoline Christie) and Rose Tico (@kellymarietran). The shoes will debut on Saturday at the L.A. premiere of the latest episode. #wwdfashion
Today at the #BeautyIncAwards 2017, WWD will be joined by beauty leaders from around the world as we honor this year's most innovative people, products, brands and places. Follow along here and on Twitter for live coverage from the exclusive event. #wwdsummits (📷: @elizaflorendo)
Exclusive: Beauty superinfluencer @marianna_hewitt is launching her first-ever skin care brand with her business partner @laurengores. Their new line Summer Fridays, which will be sold exclusively at summerfridays.com starting in January, is launching with just one product – a hydrating cream Jet Lag Mask. “We wanted to focus on one product that was amazing,” said Hewitt. Read the full interview on WWD.com. Link in bio. #wwdbeauty #wwdnews
Michelin star-rated chef PJ Calapa marks his first solo endeavor with today’s opening of @scampinyc –– the new Southern Italian restaurant located in Manhattans’ Flatiron District. The upscale yet welcoming environment matches the menu, which includes two types of scampi: traditional Italian langoustines in butter and the Americanized version with shrimp over pasta 🍤 - pictured here. #wwdeye (📷: George Chinsee)