Equity markets around the world suffered losses to begin the week as Hong Kong protesters defied police to register their objections to Chinese limits on who can run for local office.
The Hang Seng Index in Hong Kong dropped 1.9 percent to 23,229.21 as the protests appeared to gain momentum, while the SSE Composite Index in Shanghai registered a 0.4 percent gain to end the day at 2,357.71. Markets in Europe and the U.S. trimmed their losses after opening with large declines.
The WWD Global Stock Tracker dropped 0.6 percent for the day to 99.93, falling below the 100 mark at which it was set upon its initiation on July 8. Except for Shinsegae Co. Ltd., which trades in South Korea and declined 4.3 percent to 221,500 Korean won, or $212.09 at current exchange, the largest declines came from firms traded in Hong Kong, led by I.T Ltd.’s 5.6 percent dip to 2.69 Hong Kong dollars, or 35 cents.
Also slipping more than 3 percent were Chow Tai Fook Jewellery Group, down 3.8 percent to 9.93 Hong Kong dollars, or $1.28; Giordano International Ltd., 3.6 percent to 4.33 Hong Kong dollars, or 56 cents, and Trinity Ltd., 3.2 percent to 2.15 Hong Kong dollars, or 28 cents.
The largest declines among tracker stocks traded in Europe or North America came from Salvatore Ferragamo Italia SpA, down 3.1 percent to 21.69 euros, or $27.51, and Coty Inc., off 2.2 percent to $16.74. Coty disclosed that Michele Scannavini, chief executive officer and director, had left the firm for personal reasons and been succeeded on an interim basis as ceo by Bart Becht.
Among the minority of tracker stocks that registered gains, the leaders were Shanghai Metersbonwe, up 5.7 percent to 11.53 yuan, or $1.88; Sears Holdings Corp., up 4.4 percent to $25.95; American Apparel Inc., up 2.6 percent to 80 cents; Vince Holding Corp., up 1.8 percent to $31.19, and Youngor Group Co., up 1.5 percent to 8.25 yuan, or $1.35.
American Apparel appointed Alvarez & Marsal executive Scott Brubaker as interim ceo, succeeding John Luttrell, who’d filled in for founder Dov Charney as interim chief since Charney’s suspension in June. Luttrell, who had served as AA’s chief financial officer since joining the company three years ago, has left the firm.
Shares of Tiffany & Co. declined 0.8 percent to $97.36 for the day. After the markets closed, Lone Pine Capital LLC disclosed in a filing with the Securities and Exchange Commission that it held a stake of about 6.9 million shares in the New York-based jewelry retailer, translating into about 5.3 percent of its common stock. Based in Greenwich, Conn., and headed by Stephen Mandel, the fund has previously taken stakes in Michael Kors Holdings Ltd., Gap Inc. and Dollar General Corp.
After declining nearly 1 percent in early trading, the Dow Jones Industrial Average finished the day at 17,071.22, down 0.3 percent.