LONDON – Europe’s major markets fell in mid-morning trading on Wednesday amid escalating tensions between the U.S. and North Korea.

The DAX in Frankfurt and the CAC 40 in Paris led the retreat, declining 1 percent to 12,169.76 and to 5,164.95, respectively, followed by the FTSE MIB in Milan, which was down 0.9 percent to 21,841.28. The FTSE 100 in London dipped 0.8 percent to 7,483.21.

The euro traded at $1.18, while the pound fetched $1.30 and the Danish krone equaled $0.16 at 10:30 a.m. CET.

Retail and luxury stocks were also in retreat, with the morning’s biggest fallers including Zalando, 1.6 percent to 39.16 euros;, 2.9 percent to 2.40 pounds; Kering, 1.7 percent to 303.55 euros; Mulberry Group, 2.3 percent to 10.85 pounds; Safilo Group, 2.2 percent to 6.26 euros, and, 6.5 percent to 0.36 pounds.

Among the few stocks that gained ground were Gemfields, 2 percent to 0.32 pounds; Joules Group, 2.6 percent to 3.20 pounds, and Pandora, 3.8 percent to 674 Danish kroner.

According to the BBC, North Korea said it is considering missile strikes on Guam, a U.S. territory in the Pacific. The news came shortly after U.S. President Donald Trump threatened the country with “fire and fury” as North Korea ramps up its nuclear weapons program. North Korea has also been subjected to further economic sanctions from the United Nations.

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