Stocks held gains after a read of July inflation in the U.S. came in below expectations, even as it accelerated modestly from the previous month. Headline inflation came in at 3.2 per cent, which was better than the 3.3 per cent expected. Inflation stripping out food and energy stayed stubborn at 4.7 per cent, only a tick below the read in June. Market participants may take comfort in the numbers, but people are still struggling.
Two luxury design houses with terrible names are leaning on each other. Tapestry is buying Capri Holdings for a 65 per cent premium. At $57 per share the offer certainly is a nice premium to yesterday’s close but a far cry from the nearly $100 per share Capri traded at in the heyday of 2014. Of course, both companies have struggled to take on the behemoth that is LVMH and this gives them a better chance.