LONDON – Europe’s markets were all in negative territory mid-morning Friday.
The DAX in Frankfurt lost 0.8 percent to 11,243.40, while the FTSE 100 in London and the CAC 40 in Paris both fell 0.5 percent, to 6,810.64 and 4,946.22 respectively. The FTSE MIB in Milan was down 0.2 percent to 23,138.39.
Greece’s ongoing debt negotiations were being blamed for investors’ wariness. The markets fell after the International Monetary Fund pulled out of talks with Greece’s government Thursday, with the IMF saying there had been little progress in the negotiations.
Fashion, luxury and retail stocks had a varied start to the day.
Those that rose numbered Gemfields, 2.1 percent to 0.69 pounds; Ted Baker, 2.3 percent to 28.80 pounds; Hugo Boss, 1.6 percent to 105.07 euros and Bonmarché Holdings, which climbed 5.6 percent to 2.85 pounds.
The latter, a women’s value clothing retailer, rose as it reported a 10.4 percent rise in its pre-tax profits, excluding exceptional items, in the year to March 28, to 12.4 million pounds, or $20 million, while revenue rose 8.7 percent to 178.6 million pounds, or $289.3 million. Dollar figures have been calculated at average exchange rates for the period. Investec commented in a research note that the firm had delivered “strong growth against a volatile and difficult trading backdrop.”
At 11.07 a.m. CET, the pound traded for $1.54, while the euro changed hands for $1.13.