LONDON – European stock markets were uneven in midmorning trading on Monday, while retail and luxury stocks were mostly down.
The DAX in Frankfurt dipped 0.3 percent to 11,164.43, while the FTSE 100 in London was down 0.2 percent to 6,942.61. The FTSE MIB in Milan rose 1.2 percent to 18,512.40 while the CAC 40 in Paris edged up 0.1 percent to 4,766.59.
The euro traded at $1.06, while the pound fetched $1.26, and the Swiss franc equaled $0.98 at 10:40 a.m. CET.
Retail and luxury stocks were mostly down, with the morning’s biggest fallers including Italia Independent Group, 3.2 percent to 3.08 euros; J. Sainsbury, 1.1 percent to 2.44 pounds; and Hermès International, 1.6 percent to 389.70 euros.
Compagnie Financière Richemont fell 0.9 percent to 66.90 Swiss francs after the company confirmed it had concluded talks with unions, and an agreement had been reached.
According to Reuters, quoting Swiss unions, the number of planned layoffs will be smaller than anticipated due to more voluntary redundancy packages.
As reported last month, Richemont was looking to slash 200-250 jobs as demand for high-end watches continues to flounder.
Close to 30 percent of the group’s headcount is located in Switzerland, and the latest round of layoffs will be the second major one in Richemont’s watch division this year.
In February, the luxury goods giant said it would cut up to 350 jobs from its watch manufacturing operations in Switzerland, or up to 4 percent of its Swiss workforce.
Among the very few stocks that gained ground were Safilo Group, 2.9 percent to 8.44 euros; Marks & Spencer Group, 1.5 percent to 3.44 pounds; Geox, 2.7 percent to 1.99 euros; and Gemfields, 7.8 percent to 0.52 pounds.