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Canada Goose cuts annual profit forecast on feeble demand in crucial market China

Canada Goose Holdings trimmed its annual profit forecast and missed market estimates for third-quarter revenue on Thursday due to choppy sales in China, a key market for luxury goods, sending its shares down 4% in morning trading. Weak consumer spending in China, which is grappling with youth unemployment and a property crisis, has been a major concern for the luxury goods industry and has slowed demand recovery in the region, significantly impacting brands such as Canada Goose. U.S. luxury retailer Estee Lauder, which bet on China, expanded a restructuring plan on Tuesday that involves up to 7,000 job cuts as the cosmetics giant grapples with persistent demand weakness, especially in Asia.

Hottest Debt in US Market Creeps Into Development Finance

(Bloomberg) -- A type of risky debt that has taken US capital markets by storm in the past year is now emerging in bonds designed to unlock hundreds of billions in lending for the world’s poorest.Most Read from BloombergCitadel to Leave Namesake Chicago Tower as Employees RelocateTransportation Memos Favor Places With Higher Birth and Marriage RatesState Farm Seeks Emergency California Rate Hike After FiresNYC Sees Pedestrian Traffic Increase in Congestion-Pricing ZoneHow London’s Taxi Drivers N

Stock market today: Wall Street drifts as gains for fashion brands and cigarettes offset Qualcomm

Wall Street is drifting Thursday as gains for fashion brands and cigarette makers help offset drops for Ford Motor and Qualcomm following their latest profit reports. The S&P 500 was up 0.2% in early trading following healthy gains for stock markets across most of Europe and Asia. Tapestry, the company behind the Coach and Kate Spade brands, helped lead the market and jumped 18.6%.