LONDON – Europe’s major markets were in decline in mid-morning trading on Friday, with Milan’s FTSE MIB leading the way.

The Italian market was down 0.7 percent to 20,942.15, followed by the CAC 40 in Paris, 0.3 percent to 5,137.11. The FTSE 100 in London and the DAX in Frankfurt both fell 0.2 percent, to 7,321.41 and to 12,358 respectively.

The euro traded at $1.14, while the pound fetched $1.29, and the Swiss franc equaled $1.04 at 10:05 a.m. CET.

Retail and luxury stocks were mostly down, with the morning’s biggest fallers including Mulberry Group, 1.9 percent to 10.59 pounds, after the company announced the formation of a 50/50 joint venture with Onward Global Fashion to operate its business in Japan.

Mulberry Japan will be headquartered in Tokyo, and both partners will invest 2.8 million pounds in the joint venture company’s share capital to develop distribution and build the brand’s presence locally.

The venture — spanning retail, digital fulfillment and wholesale — is expected to be operational by the end of the year.

Other shares that lost ground were Adidas, 1.1 percent to 174.90 euros; Salvatore Ferragamo, 1.7 percent to 23.09 euros; Carrefour, 4.1 percent to 21.41 euros; Joules Group 3.3 percent to 2.94 pounds; and, 1.8 percent to 2.20 pounds.

Among the few stocks to gain ground were Jimmy Choo, 1.2 percent to 2.08 pounds;, 1.2 percent to 56.95 pounds; and Tod’s, 1.1 percent to 56.10 euros.

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