LONDON — European stock markets were down in midmorning trading on Wednesday, ahead of an update from the U.S. Federal Reserve on the progress of the U.S. economy and the impact of falling oil prices.

The FTSE 100 in London and the FTSE MIB in Milan were each down 0.4 percent to 5891.12 and to 18,845.65, respectively. The CAC 40 in Paris and the DAX in Frankfurt each dipped 0.3 percent to 4,344.90 and to 9,790.83, respectively.

The euro traded at $1.08, while the pound fetched $1.43 and the Swiss franc equaled $0.98 at 11:40 a.m. CET.

Retail and luxury stocks were mostly down, with the exception of Italia Independent Group, 3 percent to 20.50 euros; Jimmy Choo, 1.2 percent to 1.23 pounds, and, 1.1 percent to 0.40 pounds.

Among the stocks that lost the most ground were Yoox Net-a-porter Group, 2.6 percent to 32.00 euros; MySale Group, 2.6 percent to 0.48 pounds;, 1.7 percent to 30.86 pounds; French Connection Group, 4.9 percent to 0.41 pounds, and Unilever, 1.1 percent to 39.34 euros.

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