Milan’s FTSE MIB was the only market on the upswing, climbing 0.3 percent to 21,669.86, while all others were in retreat. The DAX in Frankfurt was down 0.2 percent to 10,868.75 and the CAC 40 in Paris, 0.4 percent to 4,693.74. The FTSE 100 in London was broadly flat at 6,535.03.
The euro dropped to $1.10 from Monday’s $1.11, while the pound fetched $1.56, and the Swiss franc equaled $1.06 at 12:10 p.m. CET.
Retail and luxury stocks were mostly down, with the exception of Yoox Group, which climbed 1.6 percent to 28.63 euros; Boohoo.com, 2.2 percent to 0.28 pounds, and Luxottica Group, 0.5 percent to 58.80 euros.
Among the stocks that lost the most ground were Italia Independent Group, 2.2 percent to 31.24 euros; Kering, 2.2 percent to 157 euros; Gemfields, 4.4 percent to 0.54 pounds; Salvatore Ferragamo, 2.2 percent to 25.10 euros, and Koovs.com, 4.8 percent to 0.68 pounds.
A cloud of uncertainty continues to hang over Greece, which voted to reject its creditors’ bailout proposals on Sunday. Banks remain shut, and the country could run out of money by the end of the week.
On Tuesday, Greek Prime Minister Alexis Tsipras is expected to unveil a new package of proposals and a substantial write-down of Greece’s debt. Euro zone finance ministers as well as the countries’ leaders are set to meet later today.