LONDON — Fears about the health of the Chinese economy and a falling oil price dragged European stock markets down in midmorning trading on Tuesday.
The FTSE MIB in Milan fell 1.5 percent to 18,371.60, followed by the FTSE MIB in Milan and the CAC 40 in Paris, which were each down 1.4 percent to 5,794.80 and to 4,250.80, respectively. The DAX in Frankfurt declined 1.2 percent to 9,619.42.
The euro traded at $1.08, while the pound fetched $1.43 and the Swiss franc equaled $0.99 at 11:00 a.m. CET.
Retail and luxury stocks were mostly down, with the exception of Yoox Net-a-porter Group, up 1.3 percent to 32.18 euros; Brunello Cucinelli, 0.9 percent to 15.48 euros, and Swatch Group, 0.7 percent to 63.60 Swiss francs.
Among the morning’s biggest fallers were Italia Independent Group, down 2.9 percent to 19.90 euros; Hugo Boss, 3.3 percent to 71.93 euros; Asos.com, 2.4 percent to 30.73 pounds; French Connection, 4.9 percent to 0.41 pounds, and Koovs.com, 4.5 percent to 0.15 pounds.
Oil prices fell below the key $30 threshold on Monday as OPEC called on its members and nonmembers to overcome the persistent problem of oversupply. Saudi Arabia, one of the world’s largest oil suppliers, however, refuses to cut production.
The Chinese stock market closed down 6.4 percent on the back of downbeat economic data indicating that rail freight volume fell 11.9 percent in 2015, compared with a drop of 3.9 percent in the previous year.