Jobless rates tumble stock markets

Thursday, 26 August 2010

The FashionUnited Top 100 loyally resembled Thursday’s U.S. stocks behavior: first bounced around in jumpy trading, but clung to modest gains as a drop in jobless claims took some of the edge off concerns over a slowing U.S. economic recovery. A bunch of American companies gathered in the index were affected by the uncertainty reigning in the United States, and shared little falls, including the ones registered by Hugo Boss, Abercrombie and Fitch or Fossil. Neither it was a good day for beloved online retailer ASOS, with a final drop of 11 points.

As a highlighted stock in focus, Guess tumbled 0,29%, even after reporting a 12% rise in second-quarter profit and rising North American wholesale and Asian revenues. The apparel retailer forecast third-quarter earnings in line with analysts’ estimates and only affirmed its targets for the year.

Luxe sector, however, was alien to these swings, as the leading companies of this niche helped the index to maintain its track, despite the general losses in other sectors. Thus, women´s best friends reported a little increase of 0.05% to Tiffany´s, while the luxury giant LVMH gained 0.9% and the Parisien Christian Dior closed with 0.95% more than the previous day. Hérmes was the only exception, falling 0.03%.

Among the other ones having good news yesterday, Puma AG was outstanding thanks to its last hour rebound: from loosing near than 3 points per day during the whole week, the Germany based athletic company closed the session up by 1.52%. Gap climbed a humble 0.06% after officially launched its Canadian e-tailing sites for its three main chains. Faced with growing economic uncertainty and skittish consumers, Gap is betting heavily on e-commerce beyond its U.S. home base. Earlier this month it rolled out its sites in the U.K. and will do so in China later this year. By the end of 2010, it will offer shipping to 65 countries.

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