LONDON European stock markets declined in mid-morning trading on Tuesday as oil extended losses after data was released showing a manufacturing slowdown in China and the U.S.

The CAC 40 in Paris and FTSE MIB in Milan each fell 2 percent to 4,301.33 and to 18,109.9, respectively. The FTSE 100 in London retreated 1.7 percent to 5,950.65, while the DAX in Frankfurt was down 1.6 percent to 9601.23.

The euro traded at $1.08, while the pound fetched $1.43 and the Swiss franc equaled $0.98 at 11:25 a.m. CET.

Retail and luxury stocks were mostly in decline, with the biggest decliners including Swatch Group and Hugo Boss each down 3.2 percent to 65.50 Swiss francs and 71 euros, respectively. Compagnie Financière Richemont retreated 2.9 percent to 64.10 Swiss francs.

Among the stocks that gained the most ground were Sainsbury, 2.1 percent to 2.50 pounds;, 1.9 percent to 0.41 pounds, and French Connection Group, 3.1 percent to 0.43 pounds.

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