Markets in free fall, spurred by UK riots

Wednesday, 10 August 2011
Markets closed again in red Tuesday, after a havoc picture shared in every stocks market worldwide. The FashionUnited Top100 Index ended the session at 1214.49, down by 36.65 points but still above other international benchmark indexes such as Dow Jones or Hang Seng.

European stocks were severely damaged, dragged by overnight Asian losses and fired up by estate financial struggles in Spain, Italy and Portugal, and riots in the UK. The worst hit values gathered within the international fashion index were Prada SpA, falling by over 6%, Ted Baker (-5.04%), German Puma AG also closed in negative, cutting down by nearly ten percent and ASOS saw its unstoppable rally ended with a fall of 1.3%.

In USA, Fossil fell by 18.46% or $-17.33/share to $76.56. The shares are currently trading below the 200-day moving average which indicates that the shares have been suffering from downward momentum lately.

Topping the opposite side of the bottom of the board in Wall Street, Nordstrom Inc, which went up 3.41% to $41.21 after the company reported total retail sales for July 2011 increased 11.5% to $993 million. Same store sales jumped 6.6% for the month of July. Equities research analysts at McAdams Wright Ragen upgraded shares of Nordstrom, Inc. (NYSE: JWN) to a "buy" rating in a research note to investors on Tuesday. Separately, analysts at Credit Agricole initiated coverage on shares of Nordstrom, Inc. in a research note to investors on Thursday, June 23rd. They set a "buy" rating on the stock. Also, analysts at Caris & Company initiated coverage on shares of Nordstrom, Inc. in a research note to investors on Tuesday, June 14th. They set a "buy" rating and a $52.00 price target on the stock. The specialized outdoors gear firm is set to publish second quarter earnings for fiscal year 2011 on Thursday.

Related News