LONDON — European markets were down in midmorning trading on Tuesday, ahead of a meeting of the U.S. Federal Reserve.
The FTSE MIB in Milan led the way, falling 1 percent to 18,779.37; followed by the CAC 40 in Paris, 0.9 percent to 4,467.39, and the FTSE 100 in London, 0.6 percent to 6,139.00. The DAX in Frankfurt was down 0.4 percent to 9,948.03.
The euro traded at $1.11, while the pound fetched $1.44 and the Swiss franc equaled $1.01 at 12:15 pm CET.
Retail and luxury stocks were mostly down, with the biggest fallers including Hugo Boss, 3.7 percent to 56.71 euros; Zalando, 3.8 percent to 28.19 euros; Burberry Group, 2.5 percent to 13.63 pounds; Tod’s SpA, 4.2 percent to 70.35 euros, and Safilo Group, 6.7 percent to 8.10 euros.
French Connection fell 1.7 percent to 0.43 pounds after the company announced that group revenue was down 8 percent to 164.2 million pounds in the fiscal year ended Jan. 31.
The company also posted an operating loss of 4.7 million pounds due to “disappointing trading” in the first half. French Connection said in a statement there was improvement in the second half. It also said its net cash position was 14 million pounds, with no debt on its balance sheet.
Among the very few stocks to gain ground were Boohoo.com, 1.9 percent to 0.41 pounds, and Gemfields, 0.8 percent to 0.45 pounds.