LONDON — Europe’s markets were in retreat in mid-morning trading on Friday ahead of what is expected to be a knife-edge referendum in Greece about how to solve the country’s debt crisis.

The FTSE MIB in Milan was down 0.4 percent to 22,517.99, followed by the CAC 40 in Paris, 0.3 percent to 4,823.66, and the DAX in Frankfurt, 0.1 percent to 11,083.61. The FTSE 100 in London slid 0.2 percent to 6,616.52.

The euro traded at $1.11, while the pound fetched $1.56, and the Swiss franc equaled $1.06 at 11 a.m. Central European Time.

Retail and luxury stocks were uneven, with the morning’s biggest fallers including Safilo Group, 1.6 percent to 12.60 euros; Koovs.com, 2.1 percent to 0.72 pounds; Debenhams, 1.2 percent to 0.89 pounds, and Gemfields, 2.1 percent to 0.59 pounds.

Burberry Group dipped 0.5 percent to 15.52 pounds, following a report Friday morning from Barclays projecting a slowdown in the British brand’s growth in the first quarter. Barclays is estimating 5 percent like-for-like growth compared with 9 percent in Burberry’s 2014-15 fiscal year, with Hong Kong still a drag on sales and U.S. numbers facing tough comparatives with last year.

Burberry will report its first-quarter numbers on July 15.

Among the stocks that gained the most ground were Asos.com, 1.5 percent to 38.80 pounds; MySale Group, 1.4 percent to 0.52 pounds, and Swatch Group, 0.9 percent to 71.75 Swiss francs.

On Sunday, Greeks will be asked to vote on a referendum that will likely decide whether Prime Minister Alexis Tsipras remains in power, and could determine whether Greece stays in the euro zone. Greek citizens will be asked to vote “yes” or “no” to proposals put forward by Greece’s creditors. European leaders are urging Greeks to vote yes, while Tsipras is pushing for a no vote in keeping with his antiausterity stance.

Click Here for the WWD Global Stock Tracker >>

load comments
blog comments powered by Disqus