LONDON — European stock markets were down in morning trading on Friday, with the CAC 40 in Paris leading the way.
The French market fell 0.6 percent to 4,704.16, followed by the DAX in Frankfurt, 0.5 percent to 10,730.60, and the FTSE 100 in London, 0.4 percent to 6,251.40. The FTSE MIB in Milan declined 0.2 percent to 21,952.82.
The euro traded at $1.07, while the pound fetched $1.50 and the Swiss franc equaled $0.99 at 11:35 a.m. CET.
Retail and luxury stocks were mostly down, with the morning’s biggest fallers including Inditex, 2 percent to 32.72 euros; Compagnie Financière Richemont, 2.1 percent to 74.30 Swiss francs, and Boohoo.com, 2 percent to 0.35 pounds.
Among the stocks that gained the most ground were Jimmy Choo, 3.1 percent to 1.29 pounds; Zalando, 2.6 percent to 35.49 euros, and French Connection Group, 1.1 percent to 0.42 pounds.
On Thursday in Frankfurt, European Central Bank chief Mario Draghi announced further measures to stimulate the region’s economy, extending the fiscal easing program to March 2017, with an option to extend.
He also cut the overnight bank deposit rate, a move meant to encourage banks to lend money rather than keep it at the central bank. Draghi kept the region’s benchmark interest rate at an all-time low of 0.05 percent, as well.
Financial analysts, however, have said Draghi’s moves fell short of expectations and will not be enough to jump-start the economy, boost the rate of inflation or incentivize banks to lend more.