Asian stocks rose following the longest series of weekly lossessince June after U.S. retail sales increased by the most in four months and Japan’s second- quarter gross domestic product beat economist estimates. Japan’s Nikkei 225 Stock Average climbed 1.4 percent after the Cabinet office reported gross domestic product shrank at an annualized 1.3 percent rate in the three months ended June 30. The median forecast of 25 economists surveyed by Bloomberg News was for a 2.5 percent drop. Meanwhile, Hong Kong’s Hang Seng Index (HSI) rose 3.3 percent, while Australia’s S&P/ASX 200 Index gained 2.6 percent.
Robin Gibson, a non-executive director at Mulberry Group, has bought 2,000 shares at 1,470p each to increase his holding to 7,029 shares. The company was recently named as the world's best-performing fashion retail share over the past year, with predictions from some analysts of further gains driven by growth in overseas markets.
In the US, Wal-Mart and Saks, as well as off-price apparel chain TJX Cos Inc, posted quarterly results that beat analysts' expectations on Tuesday. TJX posted a quarterly profit of 90 cents a share, beating analysts' average estimate by a penny, as customers continued to shop its T.J. Maxx and Marshalls chains for bargains on brand-name clothes and home goods.
Saks reported a loss of $8.4 million, or 5 cents per share, for the quarter ended July 30, compared with a loss of $32.2 million, or 21 cents per share, a year earlier. Analysts on average expected a loss of 9 cents a share, according to Thomson Reuters. The company said it expects same-store sales to rise in the mid-to-high single digits on a percentage basis in the second half of the year. "The affluent (shopper) has almost every piece of the puzzle in place other than housing," Edward Jones' Arnold said, referring to the housing market, which remains in a years-long slump.