LONDON – Europe’s major markets lost ground in late morning trading on Wednesday, with the FTSE MIB in Milan leading the way.

The Italian market fell 1.6 percent to 21,942.75, followed by the DAX in Frankfurt, 1.3 percent to 12,866.73. The FTSE 100 in London and the CAC 40 in Paris were both down 0.6 percent, to 7,372.25 and to 5,284.84, respectively.

The euro traded at $1.17, while the pound fetched $1.31 at 12:40 p.m. CET.

Retail and luxury stocks were also down, with the morning’s biggest fallers including Zalando, 1 percent to 39.77 euros; Tesco, 1.2 percent to 1.86 pounds; Aeffe, 3.4 percent to 2.14 euros; French Connection, 3.3 percent to 0.44 pounds; Mulberry, 1.7 percent to 10.29 pounds; Moncler, 1.6 percent to 22.82 euros, and Koovs.com, 2.9 percent to 0.26 pounds.

Among the very few stocks that gained ground were Joules Group, 2.9 percent to 2.85 pounds, and MySale Group, 2 percent to 1.17 pounds.

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