LONDON – European stock markets lost ground in mid-morning trading on Wednesday, with the exception of the FTSE MIB in Milan, which climbed 0.3 percent to 16,147.66.
The CAC 40 in Paris was down 0.6 percent to 4,302.17, followed by the DAX in Frankfurt, 0.3 percent to 10,118.67, and the FTSE 100 in London, 0.2 percent to 6,634.31.
The euro traded at $1.12, while the pound fetched $1.32 and the Swiss franc equaled $1.03 at 11:20 a.m. Central European Time.
Retail and luxury stocks were mostly in decline, with the morning’s biggest fallers including Joules, 0.9 percent to 1.65 pounds; Gemfields, 2.8 percent to 39 pence; French Connection, 3.2 percent to 38 pence; Mulberry Group, 2.1 percent to 10.55 pounds, and Salvatore Ferragamo, 1.8 percent to 20.21 euros.
In the first six months, Ferragamo posted a 2.3 percent gain in net profit to 90 million euros, compared with 88 million euros in the same period last year. Revenues were down 1.7 percent to 710 million euros, compared with 722 million euros in 2015.
Among the stocks that gained ground were Next, 3.1 percent to 52.90 pounds; Associated British Foods, 3.8 percent to 28.21 pounds; Safilo Group, 1.4 percent to 7.02 euros, and Jimmy Choo, 2.9 percent to 1.06 pounds.
British high-street retailer Next reported on Wednesday that second-quarter sales were up 0.3 percent, driven by growth in its online catalogue business and by new store openings. With regard to Britain’s vote to leave the European Union, Next said it has seen “no clear evidence of any appreciable effect on consumer behavior, apart from the first few days after the vote.”