LONDON — Europe’s stock markets edged down in late morning trading on Thursday, with Milan’s FTSE MIB the only one to make a small gain.

The Italian market was up 0.1 percent to 17,292.63, while the CAC 40 in Paris fell 0.5 percent to 4,514.22. The FTSE 100 in London and the DAX in Frankfurt were both down 0.2 percent, to 6,946.03 and to 10,687.81 respectively.

The euro traded at $1.09, while the pound fetched $1.22, and the Swiss franc equaled $1.01 at 11:50 a.m. CET.

Retail and luxury stocks were mostly down, with the morning’s biggest fallers including Ted Baker, 1.8 percent to 25.45 pounds; Marks & Spencer, 2.6 percent to 3.33 pounds; and Swatch Group, 1.9 percent to 58.50 Swiss francs after the watch company proposed “massive price hikes” due to a decision by Switzerland’s competition regulator regarding its components distribution business.

Among the few stocks that gained ground were Luxottica Group, 1.2 percent to 44.63 euros; French Connection, 1.4 percent to 0.37 pounds; Hugo Boss, 2.1 percent to 57.54 euros following the company’s decision to shift its focus from the luxury arena back to more contemporary pricing; and Jimmy Choo, 1.2 percent to 1.35 pounds.

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