European Stocks Down Mid-Morning

Luxury conglomerates Richemont and LVMH were among the stocks that opened weaker.

PARIS — European markets fell in early trading Monday, as some investors remained on the sidelines because of the Presidents’ Day market holiday in the United States.


The FTSE MIB in Milan receded 0.8 percent to 16,365.68, while the CAC 40 in Paris was down 0.4 percent to 3,645.55. The FTSE 100 in London lost 0.2 percent to 6,315.68, while the DAX in Frankfurt was stable at 7,588.71.

The pound was trading at $1.55 against the dollar and the euro was worth $1.34 at 11:30 a.m. CET. The European currency was buoyed by the decision by G20 finance ministers and central bank governors at a weekend meeting not to devalue their currencies to boost exports.


Among retail and luxury stocks losing value were Compagnie Financière Richemont and LVMH Moët Hennessy Louis Vuitton, which both receded 1 percent, to 75.15 Swiss francs and 131.55 euros, respectively. Marks & Spencer Group and Mulberry Group were also down 1 percent to 3.83 pounds and 14.34 pounds, respectively.


Conversely, shares in French Connection were up 5.7 percent to 27 pence; Metro AG gained 1.3 percent to 24.51 euros; Brunello Cucinelli advanced 1.2 percent to 15.61 euros, and Asos.com improved 1.2 percent to 27.87 pounds.