LONDON — Europe’s stock markets were down for a third day in trading Thursday morning.
The DAX in Frankfurt and the FTSE MIB in Milan both fell 1.2 percent, to 10,553.23 and to 22,698.56 respectively. The CAC 40 in Paris dipped 0.9 percent to 4,838.06 and the FTSE 100 in London fell 0.5 percent to 6,372.24.
According to reports, investor mood was dampened by the U.S. Federal Reserve’s cautious approach to raising interest rates, along with ongoing worries over slower growth in China.
In the minutes of the Federal Reserve’s Open Market Committee meeting held July 28 and 29, released Wednesday, the committee noted that “the conditions for policy firming had not yet been achieved, but they noted that conditions were approaching that point.”
It was another day of losses for Asia’s stocks, too, with the Shanghai Stock Exchange Composite Index down 3.4 percent to 3,664.29 and Hong Kong’s Hang Seng Index falling 1.8 percent to 22,757.47.
Fashion, luxury and retail stocks were also largely in negative territory.
A number of luxury firms with watchmaking businesses lost ground following news that Swiss watch exports fell 9.3 percent in July, with a 39.6 percent dip in exports to China.
The fallers included Richemont, 1.6 percent to 74.75 Swiss francs; and Swatch Group, 1.9 percent to 72.60 Swiss francs. Other luxury stocks that dipped numbered LVMH Moët Hennessy Louis Vuitton, 1.2 percent to 152.25 euros; Kering, 0.8 percent to 166.05 euros, and Hermès, 1.1 percent to 322.20 euros.
At 11:34 a.m. CET, the euro traded for $1.11, the pound went for $1.57 and the Swiss franc for $1.03.