LONDON – Europe’s major markets were in retreat in mid-morning trading on Monday following a weekend of turmoil sparked by U.S. President Donald Trump’s new immigration policy and the suspension of the country’s refugee program.
Milan’s FTSE MIB lost the most ground, falling 2.1 percent to 18,915.24, followed by the CAC 40 in Paris, 1 percent to 4,791.22, and the FTSE 100 in London, 0.9 percent to 7,122.26. The DAX in Frankfurt was down 0.8 percent to 11,723.39.
The euro traded at $1.07, while the pound fetched $1.25, and the Swiss franc equaled $1.00 at 11:20 a.m. CET.
Retail and luxury stocks also slipped back, with the morning’s biggest fallers including Yoox Net-a-porter Group, 3.4 percent to 23.62 euros; Tesco, 2.7 percent to 2.01 pounds; Italia Independent Group, 4.4 percent to 4.97 euros; Aeffe, 2.4 percent to 1.10 euros; and Salvatore Ferragamo, 2.5 percent to 24.66 euros.
Among the few stocks to gain ground were Gemfields, 1.5 percent to 0.75 pounds and J. Sainsbury, 2 percent to 2.60 pounds.
Passport holders from seven Middle Eastern countries with majority Muslim populations have been banned from entering the U.S. while the refugee program is on hold for 120 days as the country carries out security measures. Trump signed the executive order on Friday, although lawsuits in various states are underway in a bid to reverse the decision.