LONDON — European stock markets were in retreat in midmorning trading on Monday, with the FTSE MIB in Milan leading the way.

The Italian market was down 1.9 percent to 16,141.87, followed by the CAC 40 in Paris, 1.8 percent to 4,409.41; the DAX in Frankfurt, 1.5 percent to 10,466, and the FTSE 100 in London, 1.3 percent to 6,821.79.

The euro traded at $1.12, while the pound fetched $1.30 and the Swiss franc equaled $1.03 at 11:30 a.m. CET.

Retail and luxury stocks were also in retreat, as U.S. presidential candidates Hillary Clinton and Donald Trump prepared for their first debate on Monday evening EST.

The morning’s biggest fallers included Hugo Boss, 2.3 percent to 49.40 euros; Mulberry Group, 2.8 percent to 11 pounds, and Salvatore Ferragamo, 2.1 percent to 22.11 euros.

Among the few stocks that gained ground were Gemfields, 1.4 percent to 0.46 pounds, and online retailers MySale Group and, which were each up 0.8 percent to 0.93 pounds and to 0.97 pounds, respectively.

Click Here for the WWD Global Stock Tracker >>