LONDON – Europe’s markets were all on a negative streak in trading Tuesday morning.
The FTSE 100 in London fell 0.7 percent to 6,043.57, followed by the CAC 40 in Paris, down 0.6 percent to 4,521.64. The FTSE MIB in Milan and the DAX in Frankfurt each declined 0.2 percent to 21,510.01 and 10,116.46, respectively.
According to reports, investors are wary ahead of the U.S. Federal Reserve’s latest decision on whether to raise interest rates, which it is set to make public on Thursday. And the FTSE 100 in London lost ground as the U.K.’s Office for National Statistics (ONS) said Tuesday that the country’s inflation rate stood at 0.0 percent in the year to August, down from 0.1 percent in the year to July. The ONS said that a smaller rise in clothing prices compared to the same month a year ago was the main contributor to the decline in inflation, along with changes in motor fuel prices and sea fares.
Fashion, luxury and retail stocks were largely down.
Fallers included Marks & Spencer, 1.6 percent to 4.85 pounds; Debenhams, 2.5 percent to 0.74 pounds; Hugo Boss, 1.3 percent to 100.57 euros, and Metro, 1.3 percent to 24.69 euros. Hennes & Mauritz fell 1.6 percent to 311.80 Swedish kronor, even as the retailer reported an 18 percent rise in its third-quarter sales Tuesday to 53.4 billion kronor, or $6.33 billion, in the June 1 to Aug. 31 period. The rise came despite a sharp slowdown in sales for the retailer in August.
Among the few to register gains were French Connection, 0.9 percent to 0.29 pounds; MySale Group, 2.3 percent to 0.56 pounds, and Gemfields, 0.8 percent to 0.63 pounds.
At 11:34 a.m. CET, the pound traded for $1.54, while the euro went for $1.13, the Hong Kong dollar for $0.13 and the Swedish krona for $0.12.
Asia’s markets also registered falls on Tuesday, with the Shanghai Composite Index down 3.5 percent to 3,005.17, while Hong Kong’s Hang Seng Index retreated 0.5 percent to 21,455.23. The Nikkei 225 in Japan was the exception, up 0.3 percent to 18,026.48.