PARIS – All of Europe’s major markets were in retreat in early afternoon trading on Monday, with the CAC 40 leading the way.
The Paris-based market was down 1 percent to 5,245.78 points one day following the first round of France’s parliamentary elections. At press time, projections showed that La République en Marche — President Emmanuel Macron’s party — and its MoDem ally were poised to win up to 445 seats in the 577-seat National Assembly, according to the BBC.
Meanwhile, Frankfurt’s DAX was down 0.9 percent to 12,692.35; Milan’s FTSE MIB, 0.8 percent to 20,949.89, and London’s FTSE 100, 0.1 percent to 7,516.84.
The euro was trading at $1.12 and the pound at $1.27 at 12:55 p.m. CET.
Retail and luxury stocks were mostly down. Among those registering the sharpest declines were Koovs.com, down 9.1 percent to 0.33 pounds; Aeffe, 4.8 percent to 1.76 euros, and Boohoo.com, 5.1 percent to 2.53 pounds.
Among the stocks to gain ground were Safilo, up 2.1 percent to 6.60 euros, after the company announced earlier in the day that it had signed an exclusive agreement for distribution in Saudi Arabia.
Bonmarché Holdings was up 1.5 percent to 0.96 pounds, and MySale Group, 1.4 percent to 1.10 pounds.