ugg slippers on sale as measured by the MSCI's all-country world

MSCI's broadest index of Asia Pacific shares outside Japan fell 1.2 percent, with the materials sector in the MSCI index slumping more than 2 percent.
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The Nikkei stock average opened down 1.4 percent, while Australian shares were down 1.6 percent.

World stocks, as measured by the MSCI's all-country world equity index, fell 1 percent, and U.S. stocks suffered their worst loss in two weeks on Monday, with the Dow Jones industrial average down 2.12 percent.

The MSCI have recovered from 15-month lows by more than 10 percent in the past nine days, on growing expectations Europe was finally accelerating efforts to resolve its debt crisis.

The euro fell from a one-month high against the dollar of $1.39148 hit on Monday.

Oil was also lower, with Brent crude down 0.2 percent to $109.90 a barrel and U.S. crude futures down 0.2 percent at $86.19.
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Retreating appetite for risks benefited government bonds, with 10-year U.S. Treasuries gaining 23/32 in price to yield 2.17 percent on Monday.
After the downsizing, the chain will still have more than 1,700 locations in North America.

Lowe's also plans to slow its rate of store openings by roughly half, canceling several planned new projects and aiming to launch 15 or fewer locations in North America each year, down from 30 expected openings.

"Closing stores is never easy, given the impact on hard-working employees and local communities," Chief Executive Robert A. Niblock said in a statement. "However, we have an obligation to make tough decisions when necessary to improve profitability and strengthen our financial position."

Home Depot, the main competitor of Lowe's, reported a 14% jump in profit to $1.4 billion in the second quarter, driven by a rebound in seasonal business and Hurricane Irene-related repairs.
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Over the same quarter, Lowe's profit remained nearly flat at $830 million.

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