LONDON – Europe’s major markets were in retreat in morning trading on Thursday, while retail and luxury stocks were uneven.
The CAC 40 in Paris and the DAX in Frankfurt were both down 0.2 percent to 5,205.05 and to 12,526.35, respectively, while the FTSE 100 in London dipped 0.1 percent to 7,372.69. The FTSE MIB in Milan was broadly flat at 22,225.49.
The euro traded at $1.19, while the pound fetched $1.33 at 10:00 a.m. CET.
Retail and luxury stocks were uneven, with the morning’s biggest fallers including French Connection, 1.3 percent to 0.40 pounds; Koovs.com, 3.3 percent to 0.30 pounds, and Hermès International, 2.8 percent to 420.40 euros after the company reported first-half net income that was in line with analysts’ expectations.
Among the stocks that gained substantial ground were Yoox Net-a-porter Group, 1.3 percent to 30.99 euros; Gemfields, 2 percent to 0.32 pounds, and Next, 10 percent to 48.66 pounds.
On Thursday, in its half-year results statement, Next announced an additional 53 million pound cash payment to shareholders, while bosses upgraded full-year profit guidance by 7 million pounds against the backdrop of a “less challenging” environment. Marks and Spencer Group was up 3.5 percent to 3.36 pounds, while Mulberry edged up 0.9 percent to 10.90 pounds.