Stocks Plummet on Trade War
Add Wall Street investors to the list of losers in the U.S.–China trade war. The Dow Jones Industrial Average dropped 2.4 percent on Monday, or 617.38 points, to 25,324.99 as China fired back, meeting President Donald Trump’s tariff challenge by adding 25 percent duties to $60 billion in U.S. imports. Last week, Trump boosted tariffs on $200 billion in Chinese-made goods to 25 percent. Fashion and luxury shares worldwide didn’t escape the market’s jitters. Among the biggest decliners in the U.S. market on Monday were Signet Jewelers, down 11.9 percent to $20.16; G-III Apparel Group, 9.4 percent to $34.02; Canada Goose Holdings, 7.3 percent to $47.48; Tiffany & Co., 6.8 percent to $97.68; Gap Inc., 6.6 percent to $22.74, and Tapestry Inc., 6.3 percent to $30.22. European fashion houses were also losers with declines at Brunello Cucinelli, down 3.5 percent to 29.80 euros; Kering, 3.2 percent to 491 euros; LVMH Moët Hennessy Louis Vuitton, 2.9 percent to 323.75 euros, and Burberry Group, 2.8 percent to 18.67 pounds. The global nature of the sell-off suggests that investors, who had fingers crossed that the trade war would end before it really began, are starting to look to the broader economic ramifications. So far, most of the damageFollow WWD on Twitter or become a fan on Facebook.
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