LONDON — European stock markets edged down in mid-morning trading on Monday, with the FTSE MIB in Milan leading the way.

The Italian market fell 0.7 percent to 16,189.43, followed by the DAX in Frankfurt and the CAC 40 in Paris, each 0.4 percent to 9,741.70 and to 4,256.33, respectively. The FTSE 100 in London was broadly flat at 6,575.64.

The euro traded at $1.11, while the pound fetched $1.33 and the Swiss franc equaled $1.03 at 11:30 a.m. CET.

Retail and luxury stocks were mostly in decline, with the morning’s biggest fallers including Asos.com, 3.7 percent to 39.96 pounds; Italia Independent Group, 6.8 percent to 6.42 euros; Ted Baker, 2.2 percent to 23.43 pounds, and Marks & Spencer Group, 3.2 percent to 3.10 pounds.

Among the very few stocks to gain ground were Mulberry Group, 2.4 percent to 10.50 pounds; Gemfields, 2.1 percent to 0.37 pounds, and Yoox Net-a-porter Group, 1.3 percent to 21.96 euros.

On Monday morning Nigel Farage, a pro-Brexit and anti-immigration campaigner, stepped down from his role as leader of Britain’s UKIP, or U.K. Independence Party.

Farage, who has long been a divisive figure in U.K. politics, said in a speech Monday morning that Britain needed a Brexit-focused prime minister. A member of the European Parliament, Farage would finish his term before standing down. Last year, during the general election, he lost his seat as a member of the British Parliament.

While his resignation is of little political importance — there is only one UKIP MP in the British Parliament — it has only added to the turmoil following the country’s vote last month to leave the European Union.

Click Here for the WWD Global Stock Tracker >>