LONDON — European stock markets were in retreat in midmorning trading on Friday, following a shock drop in German industrial output and exports.

The DAX in Frankfurt lost the most ground, falling 0.5 percent to 11,532.42, followed by the CAC 40 in Paris, 0.4 percent to 5,172.46. The FTSE MIB in Milan fell 0.3 percent to 23,738.30, while the FTSE 100 in London was down 0.2 percent to 6,734.54.

The euro traded at $1.09, while the pound fetched $1.56, and the Swiss franc equaled $1.02 at 10:45 am CET.

Retail and luxury stocks were in the doldrums, too, with the morning’s biggest fallers including Next, 2.3 percent to 78.35 pounds; Metro AG, 3.5 percent to 29.73 euros; and Tod’s, 1.8 percent to 93.10 euros.

Among the few stocks that gained ground were Asos.com, 0.7 percent to 33.15 pounds; Italia Independent, 2.2 percent to 31.94 euros; and Boohoo.com, 0.8 percent to 0.29 pounds.

German exports and industrial output declined more than expected in June, according to government statistics, although better news was expected later in the day from the U.S. regarding July jobs and wages.

Markets are also anticipating an interest rate rise in September in the U.S. as the economy gains steam.

On Thursday, the Bank of England decided to leave interest rates unchanged.

Click Here for the WWD Global Stock Tracker >>

load comments
blog comments powered by Disqus