LONDON — European stock markets were down in midmorning trading on Tuesday, with the FTSE MIB in Milan leading the way.
The Italian market fell 2 percent to 16,229.19, followed by the CAC 40 in Paris, 1.8 percent to 4,327.15, and the DAX in Frankfurt, 1.5 percent to 10,173.91. The FTSE 100 in London declined 0.8 percent to 6639.56.
The euro traded at $1.12, while the pound fetched $1.32 and the Swiss franc equaled $1.03 at 11:00 a.m. CET.
Retail and luxury stocks also lost ground, with the morning’s biggest fallers including Kering, 2.2 percent to 168.40 euros; Brunello Cucinelli, 2.3 percent to 16.26 euros; Carrefour, 2.6 percent to 21.63 euros; Compagnie Financière Richemont, 3.8 percent to 56.70 Swiss francs; Metro, 7.5 percent to 26.37 euros; Moncler, 3.2 percent to 15.04 euros, and Safilo Group, 3.5 percent to 6.91 euros.
Among the very few stocks that gained ground were Italia Independent Group, 1.9 percent to 6.20 euros, and Burberry Group, 0.8 percent to 13.15 pounds. Burberry confirmed in a statement this week that it has bought the remaining stake in its China business from Sparkle Roll Holdings Ltd. for 54 million pounds.
The group bought back the majority of its China operations in 2010, and the purchase of the remaining 15 percent gives Burberry 100 percent of the shares. Burberry is currently focusing on upgrading its retail portfolio in the region, and moving stores to more high-end locations in major cities.