LONDON — European stock markets fell in midmorning trading on Monday, following China’s announcement that growth this year would be 6.5 percent to 7 percent rather than 7 percent, as previously expected.
The FTSE MIB in Milan was down 1.2 percent to 18,062.49; followed by the DAX in Frankfurt, 1.1 percent to 9,715.17, and the CAC 40 in Paris, 0.8 percent to 4,422.50. The FTSE 100 in London declined 0.7 percent to 6154.10.
The euro traded at $1.10, while the pound fetched $1.42 and the Swiss franc equaled $1.01 at 11:15 a.m. CET.
Retail and luxury stocks were also down, with the morning’s biggest fallers including Yoox Net-a-porter Group, 2 percent to 26.38 euros; Jimmy Choo, 2.7 percent to 1.31 pounds; Aeffe, 3.4 percent to 1.16 euros; Carrefour, 2 percent to 25.87 euros; Geox, 2.5 percent to 2.84 euros, and Safilo Group, 1.7 percent to 8.56 euros.
Among the very few stocks to gain ground in midmorning was Moncler, 2.8 percent to 15.27 euros.
In lowering the economic projection, China’s Premier Li Keqiang said growth would be based more on domestic consumption rather than trade and exports, which put further pressure on financial markets.