Slightly down from its Monday´s kick off, the FashionUnited Top 100 Index closed Tuesday at 1,321points. Also European stock markets ended lower Tuesday, as Deutsche Bank AG fell sharply on news of a lawsuit, while the U.K.'s main equities index bucked the negative trend to finish higher.
Europe's main stock markets slid on Tuesday, as London traders returned from a four-day holiday weekend and euphoria faded over the killing of al-Qaeda leader Osama bin Laden, analysts said. "Investors are in risk-averse mode after yesterday's euphoric market reaction to the death of Osama bin Laden by US special forces," said analyst Kathleen Brooks at trading site Forex.com.
Following this week´s financial agenda, on Thursday, investor attention will return to interest rate decisions in the Eurozone and Britain. The European Central Bank is expected to keep its key interest rate at 1.25 percent, but may signal a further increase amid climbing prices in the 17-nation Eurozone. And the Bank of England was forecast to keep its key lending rate at a record low 0.50 percent amid flat economic growth.
Across the Atlantic, retail stocks were off to a mixed start; with Sears Holdings Corp. leading the sector's decliners after the company projected a first-quarter loss amid lower sales at both Sears department stores and the Kmart discount chain. Equities research analysts at Sidoti downgraded shares of G-III Apparel to a “neutral” rating in a research note to investors on Monday. Shares of G-III Apparel opened at 43.11 on Tuesday and headed the losers’ chapter within the FashionUnited Top 100.
Another damaged company was Fossil, which yesterday announced that its earnings for the first quarter of fiscal year 2011 will be released prior to the market opening on Tuesday, May 10, 2011. In the meantime, its shares traded quite low, down by 1.57%.