LONDON – Europe’s markets were in the doldrums in late morning trading on Friday, with the FTSE 100 in London and the CAC 40 in Paris leading the way.

The British and French markets were both down 0.3 percent, to 7,464.53 and to 5,393.88, respectively, followed by the DAX in Frankfurt and the FTSE MIB in Milan, which both fell 0.1 percent, to 13,164.06 and to 22,614.78, respectively.

The euro traded at $1.16, while the pound fetched $1.31 and the Swiss franc equaled $1.00 at 11:55 a.m. CET.

Retail and luxury stocks were mostly down, with the morning’s biggest fallers including Burberry Group, 4.1 percent to 17.14 pounds, the day after new chief executive officer Marco Gobbetti announced his medium-term plan for the company.

Gobbetti is projecting two years of flat sales and operating profits as he aims to fix Burberry firmly into the luxury space and seeks a replacement for chief creative officer Christopher Bailey.

Compagnie Financière Richemont was down, too, despite having reported significant double-digit sales and profit gains for the first-half, on easier comparatives with the corresponding period last year. Shares in the hard luxury giant fell 3.5 percent to 87.10 Swiss francs.

Brunello Cucinelli dipped 1.8 percent to 27.02 euros, while fellow Italian company Safilo Group was down 4.5 percent to 4.68 euros. Salvatore Ferragamo declined 1.4 percent to 22.18 euros.

Click Here for the WWD Global Stock Tracker >>

load comments
blog comments powered by Disqus