LONDON — European stock markets were down in late-morning trading on Monday with the DAX in Frankfurt leading the way.

The German market dropped 0.5 percent to 12,081.34, followed by the CAC 40 in Paris, which was down 0.4 percent to 5,100.14. The FTSE MIB in Milan and the FTSE in London also pared losses, dropping 0.3 percent to 21,789.91 and 0.1 percent to 7,428.56, respectively.

The euro traded at $1.18, while the pound fetched $1.30 and the Swiss franc equaled $1.04 at noon CET.

Retail and luxury stocks were mostly down with this morning’s biggest fallers including Italia Independent down 2.2 percent to 4.98 euros; Boohoo down 1.9 percent to 2.26 pounds, and Aeffe down 1.7 percent to 1.76 euros.

Among the few stocks that made gains were Koovs, which was up 3.1 percent to 0.42 pounds, and Burberry, which rose 0.4 percent to 18.11 pounds.

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