LONDON – Europe’s major markets all lost ground in mid-morning trading on Monday, with the FTSE MIB in Milan leading the way.
The Italian market was down 1.8 percent to 16,214.31, followed by the DAX in Frankfurt and the CAC 40 in Paris, which both fell 0.8 percent, to 10,611.22 and to 4,512.73 respectively. The FTSE 100 in London dipped 0.7 percent to 6,795.64.
The euro traded at $1.06, while the pound fetched $1.25, and the Swiss franc equaled $0.99 at 10:55 a.m. CET.
Retail and luxury stocks were also down, with the morning’s biggest fallers including Salvatore Ferragamo, 1.5 percent to 19.38 euros; French Connection, 4 percent to 0.35 pounds; Geox, 2.1 percent to 1.84 euros; and Italia Independent, 2.3 percent to 3.11 euros.
Among the few stocks that gained ground was Yoox Net-a-porter Group, which climbed 1.1 percent to 26.08 euros following the announcement that it has formed a joint venture with Mohammed Alabbar’s Symphony Investments.
The agreement is aimed at expansion in the Middle East, with a distribution center in Dubai set to offer same-day delivery.