LONDON — Growing fears that Greece will default on its debt and exit from the euro zone rattled European markets in midmorning trading on Thursday.
The CAC 40 in Paris and the FTSE 100 in London were each down 0.2 percent to 5,037.79 and to 6,834.60, respectively, while the DAX dipped 0.1 percent to 11,467.66. The FTSE MIB in Milan was the only market on the up, rising 0.3 percent to 23,519.22.
The euro traded at $1.12, while the pound fetched $1.57 and the Swiss franc, $1.07, at 11:20 a.m. CET.
Retail and luxury stocks were also uneven, with the morning’s biggest gainers including Yoox Group, 2 percent to 31.87 euros; Safilo Group, 1.7 percent to 13.39 euros; Salvatore Ferragamo, 1.5 percent to 28.19 euros; Asos.com, 2.7 percent to 40.32 pounds, and Tesco, 1 percent to 2.18 pounds.
Among the stocks that lost the most ground were Jimmy Choo, 3 percent to 1.55 pounds; Ted Baker, 1.7 percent to 29.05 pounds, and Hennes and Mauritz, 2.2 percent to 332.60 Swedish kronor.
Earlier in the day, Karl-Johan Persson, H&M’s chief executive, said that despite an 11 percent rise in second-quarter profits, the increasingly strong U.S. dollar was driving up purchasing costs. As a result, the company has had to increase its long-term investments compared to last year.
Greece’s negotiations with creditors are ongoing ahead of its June 30 deadline to pay back 1.6 billion euros to the International Monetary Fund and the European Union, or risk default and a potential exit from the euro zone. European ministers are also meeting in Brussels Thursday to discuss the crisis.