LONDON – Europe’s markets were in retreat in morning trading on Tuesday, prior to a major announcement that was to be made by the U.K.’s Prime Minister Theresa May.

The CAC 40 in Paris led the downslide, falling 1.3 percent to 5,006.54, followed by the FTSE MIB in Milan 1.2 percent to 19,545.09, and the FTSE 100 in London, 1 percent to 7,251.15. The DAX in Frankfurt was down 0.6 percent to 12,031.50.

The euro traded at $1.06, while the pound fetched $1.26 and the Danish krone equaled $0.14 at 11:45 a.m. CET.

Retail and luxury stocks were mostly down, with the morning’s biggest fallers including Carrefour, 3.6 percent to 20.42 euros; Debenhams, 2 percent to 0.53 pounds; Ted Baker, 1.1 percent to 27.99 pounds, and Pandora, 8.7 percent to 689.50 Danish kroner.

Among the stocks that gained the most were Jimmy Choo, 1.4 percent to 1.70 pounds; Italia Independent Group, 2.2 percent to 4.39 euros; Brunello Cucinelli, 2.1 percent to 23.10 euros, and Mulberry Group, 1.1 percent to 10.97 pounds.

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