LONDON — Europe’s major markets were in retreat in midmorning trading on Thursday, with the DAX in Frankfurt leading the way.
The German market fell 0.6 percent to 11,577.84, followed by the CAC 40 in Paris and the FTSE MIB in Milan, which were both down 0.4 percent to 4,867.87 and to 19,417.97, respectively. The FTSE 100 in London dipped 0.2 percent to 7,274.72.
The euro traded at $1.05, while the pound fetched $1.22 and the Swiss franc equaled $0.98 at 11:00 a.m. CET.
Retail and luxury stocks were mostly down, with the morning’s biggest fallers including Tesco, 2 percent to 2.05 pounds; Italia Independent Group, 2.5 percent to 5.70 euros; Next, 1.6 percent to 40.69 pounds, and Mulberry Group, 3.6 percent to 10.46 pounds.
Among the few stocks that gained substantial ground were Marks and Spencer Group, 2.5 percent to 3.49 pounds, after the retailer reported a 5.9 percent uptick in third-quarter sales, fueled partly by demand for clothing, and Compagnie Financière Richemont, which advanced 7.6 percent to 76.30 Swiss francs after outstripping market expectations to deliver 5.7 percent revenue growth in the third quarter.
Richemont’s rival watch manufacturer the Swatch Group was also on the uptick, rising 4.5 percent to 67.80 Swiss francs.