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European Stocks Mixed Ahead of U.S. Tax Talks

Retail and luxury stocks were mostly weaker in thin trade, with several markets closed.

PARIS — European stocks were mixed in thin morning trade Monday as investors were riveted by last-minute negotiations in the United States over the so-called fiscal cliff.

 

The FTSE 100 in London eased 0.25 percent to 5,910.46, while the CAC 40 in Paris reversed earlier losses to gain 0.3 percent to 3,632.86 by 12.30 p.m. CET. The DAX in Frankfurt and the FTSE MIB in Milan were both closed for New Year’s Eve.

Most retail and luxury stocks lost ground, including Mulberry, which fell 4.3 percent to 11.47 pounds, and Marks & Spencer, down 0.5 percent to 3.84 pounds. Spain’s Inditex bucked the trend, rising 1.7 percent to 106.15 euros.

 

The pound was trading at $1.61, while the euro was worth $1.32 and the Swiss franc was valued at $1.09.