LONDON — Europe’s major markets were in retreat in late morning trading on Tuesday, with the exception of the FTSE 100 in London and the FTSE MIB in Milan, which were flat at 7,405.07 and at 21,481.32, respectively.

The DAX in Frankfurt fell 0.6 percent to 12,517.45, followed by the CAC 40 in Paris, 0.2 percent to 5,219.84.

The euro traded at $1.15, while the pound fetched $1.31 and the Swiss franc equaled $1.04 at 11:55 a.m. CET.

Retail and luxury stocks were mostly down, with the morning’s biggest fallers including Zalando, 7 percent to 39.72 euros after the company reported that ongoing investments, including a new premium, fee-based membership program, had impacted its operative earnings performance in the second quarter.

Joules Group declined 2.5 percent to 2.88 pounds; 0.8 percent to 56.43 pounds, and SuperGroup, 1.8 percent to 15.41 pounds.

Among the few stock to gain ground were Jimmy Choo, 1.9 percent to 1.93 pounds, amid speculation that its sale price could be up to 800 million pounds; Gemfields, 1.8 percent to 0.29 pounds, and Aeffe, 1.3 percent to 1.71 euros.

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