LONDON — Concerns about an imminent interest rate hike in the U.S. put pressure on European stock markets in midmorning trading on Friday.
The FTSE 100 in London was down 0.6 percent to 6,143.54, while the CAC 40 in Paris dipped 0.5 percent to 4,832.04 and the DAX in Frankfurt declined 0.3 percent to 10,752.85. Meanwhile, the FTSE MIB in Milan was flat at 21,861.45
The euro traded at $1.08, while the pound fetched $1.52 and the Swiss franc equaled $1.00 at 11:00 a.m. CET.
Retail and luxury stocks were also down, with the morning’s biggest fallers including Hermès International, which declined 3.4 percent to 335.65 euros a day after the company announced double-digit gains in third-quarter sales and forecasted a dip in full-year operating profits compared with 2014.
Italian footwear firm Geox fell 7 percent to 3.98 euros, while Salvatore Ferragamo was down 6.4 percent to 22.36 euros after it was reported net profit in the first nine months edged down 0.3 percent to 113.4 million euros, or $125.4 million, dented by negative currency hedging.
Yoox Net-a-porter Group fell 2.4 percent to 31.25 euros, while Swatch Group was down 1.4 percent to 68.60 Swiss francs.
Among the few stocks that gained ground were Mulberry Group, which advanced 1 percent to 9.09 pounds; and Jimmy Choo, which was up 0.5 percent to 1.53 pounds.
Investors are closely watching the U.S. Federal Reserve, which has signaled it could raise interest rates as soon as December, marking the end of an era of historically low rates aimed at stimulating economic growth.