LONDON — Europe’s major stock markets were broadly flat in mid-morning trading today, amid news that Spain has slid back into recession.

 

The CAC 40 in Paris was down 0.5 percent to 3,251.21, while the DAX in Frankfurt and the FTSE MIB in Milan were each up 0.1 percent, to 6,810.48 and 14,787.83, respectively.

 

The FTSE 100 in London, meanwhile, rose 0.2 percent to 5,761.36.

 

The euro traded at $1.32, while the pound traded at $1.63 at 10:45 a.m. CET.

 

Retail and luxury stocks were mixed, with the morning’s biggest gainers including Ferragamo, which climbed 5.7 percent to 18.34 euros; Milan bourse newcomer Brunello Cucinelli advanced 2.2 percent to 11.86 euros on its second day of trading, and Italian eyewear firm Marcolin rose 2.6 percent to 3.59 euros.

 

Stocks that lost ground included Yoox, which was down 3.3 percent to 10.73 euros; French Connection Group, which sank 1 percent to 0.43 pounds, and Marks & Spencer Group, which retreated 0.7 percent to 3.58 pounds.

 

Today, Spain’s National Statistics Institute reported that the country’s economy – which has the highest unemployment rate in the European Union, at nearly one in four – shrank 0.3 percent in the first quarter, tipping the country into its second recession in three years.

load comments
blog comments powered by Disqus