LONDON — European stock markets were down in midmorning trading on Tuesday, dented by concerns over the continuing oversupply of oil on the market and downbeat export data from Germany.
The DAX in Frankfurt lost the most ground, falling 2.4 percent to 9,584.46 after official data from Germany’s economic ministry showed that industrial orders fell in February, with exports set to weaken.
The CAC 40 in Paris declined 2 percent to 4,258.51, while the FTSE MIB in Milan was down 1.6 percent to 17,361.24 and the FTSE 100 in London slid 1.4 percent to 6,080.47.
The euro traded at $1.14, while the pound fetched $1.42 and the Swiss franc equaled $1.04 at 11:25 a.m. CET.
Retail and luxury stocks were also down, with the morning’s biggest fallers including Yoox Net-a-porter Group, 2.9 percent to 26.28 euros; Brunello Cucinelli, 2.1 percent to 16.25 euros; Metro, 2.1 percent to 26.58 euros, and Salvatore Ferragamo, 1.9 percent to 21.53.
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The only major gainer on the market was Indian online retailer Koovs.com, which was up 15.9 percent to 0.20 pounds, after it said in a trading update that sales in the financial year to March 31 were 10 million pounds, an increase of 189 percent on the previous year. The company clarified, however, the 10 million pounds figure was the gross sales order value placed through the Web site, including taxes. It does not represent the revenue of the group in the 12 months.
The company also said it will begin collaborating with the London illustrator and graphic designer Hattie Stewart to create a new collection for fall-winter 2016. Stewart, whose graphics will be incorporated into exclusive new fabric designs, has in the past worked with brands including Marc Jacobs, Henry Holland, MAC Cosmetics, Adidas and Diesel.
As previously announced, Koovs also has plans to raise additional capital to invest in the growth of the business.