LONDON — Europe’s major markets were in retreat in morning trading on Wednesday, with the FTSE MIB in Milan leading the way.

The Italian market fell 0.9 percent to 21,583.30, followed by the CAC 40 in Paris, 0.7 percent to 5,366.14, and the FTSE 100 in London, 0.1 percent to 7,518.17. The DAX in Frankfurt was broadly flat at 12,804.53.

The euro traded at $1.10, while the pound fetched $1.29 and the Swiss franc equaled $1.01 at 9:30 a.m. CET.

Retail and luxury stocks were mostly down, with the morning’s biggest fallers including Ted Baker, 2.3 percent to 24.61 pounds; Moncler, 1 percent to 22.03 euros; flash sales site MySale Group, 1 percent to 1.08 pounds, and Swatch Group, 1 percent to 77.35 Swiss francs.

Among the very few stocks that gained ground were Mulberry Group, 2.6 percent to 11.23 pounds; and, 1 percent to 0.37 pounds.

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