Page 24 - ARUBA TODAY

Tuesday 30 May 2017 BUSINESS
A24

World shares muted as investors await raft of economic data

By KELVIN CHAN Carthy, chief strategist at
AP Business Writer CMC Markets. “Investors
HONG KONG (AP) — World and trader may hold out
stock markets were list- for important reads on the
less Monday as investors world’s largest economies
look to a raft of economic this week.”
data this week and as holi- ASIA’S DAY: Stock indexes in
days in several key markets the region drifted between
crimped trading volume. losses and gains. Japan’s
KEEPING SCORE: In Europe, benchmark Nikkei 225 in-
France’s CAC 40 dipped dex ended a fraction low-
0.1 percent to close at er at 19,682.57, and South
5,332.47, while Germany’s Korea’s Kospi dipped 0.1
DAX edged up 0.2 percent percent to 2,352.97. Hong
to 12,628.95. Markets in Brit- Kong’s Hang Seng rose 0.2
ain and the United states percent to 25,701.63, while
were closed for holidays. Australia’s S&P/ASX 200 lost
GLOBAL OUTLOOK: A full
slate of economic reports 0.8 percent to 5,707.10.
this week will give inves- Markets in mainland China
tors plenty to digest, begin- and Taiwan were closed for
ning with eurozone business holidays.
and consumer confidence ENERGY: Oil futures extend-
readings on Tuesday. Chi- People walk past an electronic board showing Hong Kong share index outside a local bank in ed a recovery from sharp
na’s latest official factory Hong Kong, Monday, May 29, 2017. Stock markets in Asia were subdued in holiday-thinned trad- losses last week. Benchmark
and service industry pur- ing Monday as investors hunkered down ahead of a raft of economic data later this week that will U.S. crude rose 44 cents
chasing managers’ index- provide fresh insight into the world economy. to $50.24 a barrel in elec-
es, out Wednesday, will be (AP Photo/Vincent Yu) tronic trading on the New
among the most watched, turing is due a day later. U.S. No. 1 economy and could ket action on Friday night, York Mercantile Exchange.
with analysts looking to see private and official payroll bolster Fed policymakers’ holidays in the U.K. and U.S. The contract rose 90 cents
if the gauge indicates that numbers are also sched- reasoning as they prepare tonight and a data deluge on Friday. Brent crude, the
manufacturing growth mo- uled for release. They’ll give to gradually raise interest starting tomorrow all mili- international standard,
mentum slows further. The fresh clues on employment rates again. tate against major market gained 40 cents to $52.55 a
ISM index for U.S. manufac- and hiring in the world’s MARKET TALK: “Muted mar- moves,” said Michael Mc- barrel in London.q

As Melania Trump puts focus on high-end luxury, market grows

By COLLEEN BARRY a window onto the luxury on the sidelines of a global reality is that those kinds of most tiers of indulgence, a
Associated Press world over the weekend summit in Sicily. prices belong to the most new Bain study shows that
MILAN (AP) — U.S. First Lady when she wore a $51,000 While the revelation sent exclusive high end of haute sales of global luxury goods
Melania Trump opened designer jacket to a lunch many into sticker shock, the couture that operate at leveled off last year from a
the highest level of hand period Chinese-fueled eu-
craftsmanship, accessible phoria. They are expected,
only to the very few. however, to grow again
“For the brands, they need this year, despite uncer-
to do it, to have the at- tainty generated by the
tention and to keep the recent Manchester attack
research and develop- and changing U.S. travel
ment high,” said Claudia policies.
D’Arpizio, a senior partner Sales of luxury apparel,
at Bain & Company con- jewelry, accessories and
sulting. “There is not a real beauty products last year
public for that. I would say totaled 249 billion euros
very few women in the ($280 billion), compared
world are buying haute with 251 billion euros in
couture. While for the rest, 2015. They are expected to
I think people are spending grow by 2 percent to 4 per-
money, but they are more cent this year.
cautious about value.” The forecasts reflect im-
A floral applique jacket proved confidence in Eu-
like the one Mrs. Trump rope, which suffered de-
purchased for the G-7 out- clines after terror attacks
ing, for example, would in Paris, and solid perfor-
require many seamstress mance in China. They will
hours of hand embroidery. offset a slowdown the
Dolce&Gabbana did not United States due largely
release any details of the to the strong dollar and un-
materials, but Stefano certainty over travel policy.
Gabbana celebrated its “Local customers are buy-
high-profile outing on Insta- ing again, both in Europe
gram. and China,” D’Arpizio
Looking beyond the upper- said.q