Solid European gains plus luxury´s up

Friday, 22 July 2011
After a tough week, the FashionUnited Top 100 Index surmounted the gloom prospectus ending up Thursday at 1357.95 thanks to a rise of 17.33 points. European stock markets ended with solid gains where American Coach, Tiffany´s & Co and Polo Ralph Lauren topped the session in Wall Street.

In Europe bank stocks got a boost as euro-zone leaders moved toward a new response to the sovereign-debt crisis. The push higher followed reports on the details of a new European plan to combat the sovereign-debt crisis.

The plan would include longer loan maturities and lower interest rates for struggling countries and would allow the European Financial Stability Facility to make purchases in the secondary bond market.

Most of State Member´s indexes soared and Madrid-based Index recovered the 10,000 after a year to forget. Other news of the day was the announcement of Amancio Ortega, until now owner and president of Inditex, stepping down of the company. Pablo Isla, CEO of the Zara´s parent company will inherit the reigns of theworld largest fashion company. During Inditex’ annual meeting, 75 year old billionaire Ortega announced his intentions: with 59.29% he will remain the largest shareholder of the company and will stay on as board member of the Spanish retailer.

Meanwhile, SmarTrend detected shares of Coach bullishly opened above the pivot of $66.68 Thursday, reaching the first resistance level of $67.18. “We are watching for a cross of the next upside pivot targets of $68.05 and $69.42. Also, the shares are currently trading above the 50-day moving average of $61.96 and above the 200-day moving average of $55.65.”

Finally, Abercrombie & Fitch became one of yesterday's notable stocks on the rise, up 2.4% to $78.06. The S&P was trading 1.3% higher to 1,343 and the Dow Jones Industrial Average was trading 1.2% also higher to 12,717.

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