LONDON – European stock markets sustained losses in mid-morning trading ahead of a meeting of the Group of Seven richest nations on the ongoing debt crisis.
The FTSE 100 had fallen 0.8 percent at 11:15 Central European Time, while France’s CAC 40 was down 1.6 percent; Germany’s DAX tumbled 1.6 percent; and Italy’s FTSE MIB slid 1.8 percent.
Asian markets closed down. Japan’s Nikkei 25 slipped 0.6 percent and Hong Kong’s Hang Seng was down 0.2 percent.
Ahead of the G7 meeting in France, Christine Lagarde, head of the International Monetary Fund, called on G7 nations to “act boldly to steer their economies through this dangerous new phase of recovery.”
Luxury stocks suffered more than retail ones, with Richemont down 1.7 percent; LVMH down 1.5 percent; and Tod’s slipping 2.1 percent. French Connection was up 3.9 percent while Esprit Holdings climbed 2.9 percent. Benetton rose 0.5 percent.