LONDON — European stock markets were down in midmorning trading on Wednesday as U.S. oil prices fell to their lowest price since 2003.

The CAC 40 in Paris was down 3.4 percent to 4,126.88, followed by the DAX in Frankfurt and the FTSE MIB in Milan, each of which declined 3.1 percent, to 9,362.70 and to 18,288.32, respectively. The FTSE 100 in London, meanwhile, fell 2.9 percent to 5,705.88.

The euro traded at $1.09, while the pound fetched $1.42 and the Swiss franc equaled $0.99 at 11:35 a.m. CET.

Retail and luxury stocks were also down, with the day’s biggest fallers including Swatch Group, 3.7 percent to 61.10 Swiss francs; Safilo Group, 3.8 percent to 9.03 euros; LVMH Moët Hennessy Louis Vuitton, 4.4 percent to 133.80 euros; Burberry Group, 4 percent to 10.93 pounds; Hugo Boss, 4.3 percent to 65.76 euros; Zalando, 4.7 percent to 30.53 euros, and Italia Independent Group, 3.5 percent to 21.51 euros.

This week, U.S. oil hit its lowest point since 2003, with Brent crude dropping to $27.87 a barrel.

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