LONDON — European stock markets were broadly flat in midmorning trading on Wednesday, while British retail stocks were in retreat following a profit warning from fast-fashion and home furnishings retailer Next.

The CAC 40 in Paris was flat at 4,899.51; as was the FTSE 100 in London at 7,174.30, and the FTSE MIB in Milan, at 19,580.91. The FTSE 100, which ended 2016 — and began 2017 — on a high, was down 0.1 percent to 7,173.73.

The euro traded at $1.04, while the pound fetched $1.23 and the Swiss franc equaled $0.98 at 10:40 a.m. CET.

Retail and luxury stocks were mostly down, led by the British high street retailer Next, which fell 9.5 percent to 43.19 pounds after the company said year-end profits would be at the bottom end of projections, at 792 million pounds. It added that profits would decline further next year.

The retailer said full-price sales in the pre-Christmas trading period were down 0.4 percent, and reiterated that 2017 would be a challenge.

Fellow British retailer Joules Group fell 3.2 percent to 2.13 pounds; Primark parent Associated British Foods 3.5 percent to 26.17 pounds, and department store Debenhams 4.4 percent to 0.53 pounds. French Connection declined 7.9 percent to 0.32 pounds, while Marks & Spencer Group was down 5.4 percent to 3.26 pounds.     

Among the few stocks that gained ground were Mulberry Group and Salvatore Ferragamo, 1.8 percent to 11.22 pounds and to 23.19 euros respectively, while Jimmy Choo edged up 1.4 percent to 1.48 pounds.

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