LONDON — European stock markets were down in midmorning trading on Friday, rattled by uncertainty ahead of the U.S. presidential election on Nov. 8.
The FTSE 100 in London and the FTSE MIB in Milan were both down 1.2 percent to 6,707.55 and to 16,223.70 respectively, while the DAX in Frankfurt slipped 0.9 percent to 10,235.42, and the CAC 40 in Paris fell 0.8 percent to 4378.70.
The euro traded at $1.11, while the pound fetched $1.23 and the Swiss franc equaled $1.03 at 11:00 a.m. CET.
Retail and luxury stocks were mostly down, with the exception of Compagnie Financière Richemont, which climbed 6.7 percent to 67.30 Swiss francs after reporting a 51 percent slide in first-half profits. Financial analysts believe the worst may be over for the parent of Cartier, Van Cleef & Arpels and Dunhill, as they project a slow return to revenue growth in the second half. But the company has not provided an outlook for the next six months.
The Richemont news also boosted shares in the Swatch Group, which climbed 1.9 percent to 56.25 Swiss francs.
Other stocks on the upswing included L’Oréal, 3.8 percent to 167.80 euros, after the company posted a 3.6 percent uptick in third-quarter sales. On a like-for-like basis, group revenues gained 5.6 percent, compared to the 4.5 percent expected by analysts.
Among the stocks that fell the most were Adidas, 2 percent to 134.60 euros; Aeffe, 2.8 percent to 1.02 euros; Next, 2.2 percent to 49.76 pounds; Asos.com, 1.5 percent to 51.25 pounds, and Italia Independent Group, 2.6 percent to 3.30 euros.