LONDON – European stock markets were in retreat in late morning trading on Thursday, with the FTSE MIB in Milan and the FTSE 100 in London leading the downturn.

The Italian and British markets fell 0.6 percent to 20,707.66 and 7,246.40, respectively, followed by the CAC 40 in Paris, down 0.5 percent to 5,262.44, and the DAX in Frankfurt, 0.3 percent to 12,436.11.

The euro traded at $1.09, while the pound fetched $1.28 and the Swiss franc equaled $1.01 at 12:30 p.m. CET.

Retail and luxury stocks were mostly down, with the morning’s biggest fallers including Geox, 1.5 percent to 2.50 euros; Koovs.com, 2.8 percent to 0.43 pounds; and Salvatore Ferragamo, 1.4 percent to 28.46 euros.

Among the stocks that gained the most ground were Mulberry Group, up 2 percent to 11.12 pounds; Britain’s Bonmarche, 4.1 percent to 1.00 pound and high street retailer Next, 1.2 percent to 42.92 pounds.

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