Wall Street equities finished lower Thursday following a mixed US retail sales report, while European luxury stocks pushed higher following strong results from Cartier owner Richemont.
Strong bank earnings failed to sustain a rally on Wall Street, but stocks in Europe and Asia pushed higher. European and Asian indices gained after Wednesday's Wall Street rally.
we report that there might be potential disposals of underperforming brands in Richemont's portfolio. Still, we believe this might be seen as a positive catalyst by WallStreet analysts.
In equities, the Dow Jones Industrial Average fell 68.42 points, or 0.16%, to 43,153.13, the S&P 500 fell 12.57 points, or 0.21%, to 5,937.34 and the Nasdaq Composite fell 172.94 points, or 0.89%, to 19,338.29. In contrast, MSCI's gauge of stocks across the globe rose 1.31 points, or 0.15%, to 848.61.
NEW YORK/LONDON >> MSCI’s global equities gauge rose today, while Wall Street stocks dipped and U.S. Treasury yields fell after a mixed bag of economic data and Federal Reserve officials’ comments suggested more interest rate cuts on the horizon.
Demand for high-end brands is improving but not as quickly as hoped. European luxury shares fell Wednesday in reaction to a mixed set of results from Louis Vuitton’s owner, LVMH. After [Burberry](
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