A&F and Fast Retailing lead in US and Hong Kong

American and Asian markets took the baton Tuesday, with the likes

of A&F and Fast Retailing on the front foot. The teen apparel brand is seeing how its turnaround plan starts to pay off while the Japanese apparel mogul cashed on a steady debut in Hong Kong.

Abercrombie & Fitch (ANF) has gained 3.4 percent to 39.27 dollars after it was upgraded to 'Outperform' from 'Neutral' at Credit Suisse as the teen apparel retailer presented its plan to cut costs down. The Swiss broker also upped its estimates for the clothing company. The stock has a price target of 52 dollars at Credit Suisse, suggesting that the stock price will increase by 32.4 percent. ANF has a dividend yield of 2.04 percent.

Meanwhile, JC Penney (JCP) has gained after S&P raised its outlook to 'Stable' from 'Negative'.

In London, Boohoo.com shares are expected to be priced at 50 pence each in a stock market flotation that will value the online fashion retailer at more than 500 million pounds, as published by the 'Telegraph'.

The Manchester-based company is expected to float on the Alternative Investment Market (AIM) in mid-March.

In China, online retailers were led by VipShop (VIPS) and other e-commerce names are delivering on growth expectations. Vipshop Ltd was gaining 29 percent on Tuesday and 60 percent on the month as 1Q revenue forecasts beat street.

Finally, Uniqlo owner Fast Retailing Co Ltd gained 7 percent in its Hong Kong trading debut - a listing aimed at raising its profile in China where it plans to expand aggressively as part of its bid to become the world's top clothing firm.

Though Hong Kong depositary receipts (HDRs) for foreign firms will usually yield little in the way of active market liquidity, some global companies have made the move, seeing it as more of a marketing exercise to appeal to local retail investors, highlighted Reuters.