Asia Stocks to Track US Rebound on Profit Optimism: Markets Wrap
European stocks rose for a second day after strong earnings from some of the region’s biggest companies, while positive economic data helped boost sentiment.
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European stocks rose for a second day after strong earnings from some of the region’s biggest companies, while positive economic data helped boost sentiment.
Taylor Wimpey Plc is failing to see lower mortgage rates translate into higher levels of home sales and is maintaining its forecast for fewer deals in 2024.
Chinese mainland investors increased their portion of total turnover of Hong Kong stocks to a record daily average in April, with the latest measures to bolster the city’s position potentially boosting their purchases.
Zhao Xiaowei did what would have been unthinkable just a few years ago: He quit his Beijing barista job and returned to his northeastern rust-belt hometown for a better future.
South Korea is emerging as a closely watched weak link in the $63 trillion world of shadow banking.
Jun 5, 2018
Bloomberg News
,(Bloomberg) -- Hudson’s Bay Co., the owner of Saks Fifth Avenue, said it will close as many as 10 Lord & Taylor stores -- including the flagship Manhattan location -- in an attempt to revive its struggling units.
The closures will occur through 2019, the company said Tuesday. Hudson’s Bay had originally planned to keep a Lord & Taylor presence in the Italian Renaissance building on Fifth Avenue, which it agreed to sell for $850 million in October. The store opened there in 1914.
“An increased focus on driving Lord & Taylor’s digital business, combined with new leadership and an optimized store footprint, is expected to reduce costs and improve the overall performance of this business,” the company said in a statement.
The Canadian department-store company, which agreed to sell flash-sale website Gilt on Monday, also reported a normalized loss that was wider than analysts estimated and a 0.7 percent drop in comparable sales in the quarter ended May 5.
New Chief Executive Officer Helena Foulkes is adding to measures to turn around the company that have included job cuts, unloading a minority stake to a private equity firm to reduce debt, and striking partnerships with Walmart Inc. and WeWork Cos.
Saks Fifth Avenue was a bright spot, with same-store sales increasing 6 percent last quarter.
Recent reports paint an uneven picture of retailers’ health. While Macy’s Inc. posted a second straight quarter of sales gains and raised its full-year earnings outlook, J.C. Penney Co. cut its profit forecast after sales trailed estimates during an unseasonable cold spell. Among mall-based stores, Lululemon Athletica Inc.’s comparable sales growth accelerated, in contrast with a drop at Gap Inc.’s namesake stores.
To contact the reporter on this story: Sandrine Rastello in Montreal at srastello@bloomberg.net
To contact the editors responsible for this story: Crayton Harrison at tharrison5@bloomberg.net, Lisa Wolfson, Jonathan Roeder
©2018 Bloomberg L.P.