LONDON — Europe’s major markets were mostly down in mid-morning trading on Thursday, with the exception of the FTSE MIB in Milan, which was up 0.1 percent to 20,967.87.
The CAC 40 in Paris dipped 0.8 percent to 5,141.10, followed by the DAX in Frankfurt, 0.6 percent to 12,379.74, and the FTSE 100 in London, 0.4 percent to 7,338.55.
The euro traded at $1.13, while the pound fetched $1.29 at 11:45 a.m. CET.
Retail and luxury stocks were also down, with the morning’s biggest fallers including Koovs.com, 7.8 percent to 0.36 pounds; Inditex, 1.3 percent to 33.46 euros; Joules Group, 3.3 percent to 2.94 pounds; Italia Independent Group, 1.9 percent to 4.89 euros, and Beiersdorf, 1.6 percent to 90.16 euros.
Among the few stocks that gained ground were Associated British Foods, 3.5 percent to 30.24 pounds, after the company issued a punchy third-quarter trading update. Revenue growth in the three months to June 24 was 13 percent at constant currency, and 20 percent at actual exchange rates. ABF said it has been benefitting materially from the depreciation of the British pound.
The company also said underlying operating performance of the group during the third quarter was ahead of its forecast due to a stronger profit delivery from Primark. Sales at Primark in the year to date are 13 percent ahead of last year at constant currency, driven by increased retail selling space and growth in like-for-like sales, ABF said.
The British department store chain Debenhams was also up, 2.3 percent to 0.44 pounds, while Mulberry rose 2 percent to 10.59 pounds, and Tod’s, 1.2 percent to 55.50 euros.