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European Markets Slip in Morning Trading

Milan and Tokyo post small gains.

LONDON — Most of Europe’s stocks dipped again this morning, after a day of losses Thursday.
 
The FTSE 100 was down 0.5 percent, the CAC 40 down 0.6 percent and the DAX was down 1.3 percent. The falls came as investors were less confident that Federal Reserve chairman Ben Bernanke would announce measures to boost the U.S. economy when he gives his speech in Jackson Hole, Wyo., today.
 
But Tokyo’s Nikkei index closed up 0.3 percent and the FTSE MIB in Milan was also slightly up, by 0.1 percent, this morning.
 
Many retail and luxury stocks fell. M&S was among the FTSE 100’s five worst performing stocks this morning, down 3.1 percent, while French Connection was down 3.4 percent, Prada closed down 5 percent and ASOS fell 1.5 percent. Those in positive territory showed only modest gains — Hermés was up 0.1 percent and Burberry was up 0.7 percent.
 
The lackluster performance came as Britain’s Office of National Statistics announced today that the country’s GDP estimate figure had grown by 0.2 percent in the second quarter, a slowdown from growth of 0.5 percent in the first quarter. The figure was as economists had expected, and the ONS said events such as bank holidays for the royal wedding and the after-effects of the Japanese tsunami were among factors that affected the GDP figure for the quarter.