LONDONEuropean stock markets were down in midmorning trading, with the FTSE MIB in Milan leading the way.

The Italian market was down 1.2 percent to 16,593.66, followed by the CAC 40 in Paris and the DAX in Frankfurt, which were both down 0.8 percent, to 4,426.83 and to 10,592.07 respectively. The FTSE 100 in London fell 0.1 percent to 6,885.62.

The euro traded at $1.12, while the pound fetched $1.30, and the Swiss franc equaled $1.03 at 11:15 a.m. CET.

Retail and luxury stocks were also in the doldrums, including French Connection and Yoox Net-a-porter Group, which both dropped 3.3 percent, to 0.44 pounds and to 26.48 euros respectively. fell 3.5 percent to 46.29 pounds; Mulberry Group, 4.2 percent to 10.56 pounds;, 3.5 percent to 0.61 pounds; and Italia Independent Group, 2 percent to 5.65 euros.

Among the very few stocks that gained ground were British high street retailer Joules, 1.8 percent to 1.68 pounds, and online flash sales site MySale Group, 1.4 percent to 0.88 pounds.

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