LONDON – Europe’s major markets were down in early afternoon trading on Tuesday, with the CAC 40 in Paris leading the way.
The French market fell 0.5 percent to 5,269.54, followed by the DAX in Frankfurt, 0.4 percent to 12,721.82, and the FTSE MIB in Milan, 0.3 percent to 20,946.47. The FTSE 100 in London was down 0.1 percent to 7,438.81.
The euro traded at $1.12, while the pound fetched $1.27 and the Swiss franc equaled $1.03 at 1:15 p.m. CET.
Retail and luxury stocks were mostly down, with the exception of Yoox Net-a-porter Group, which rose 0.9 percent to 25.64 euros after spiking late Monday following rumors that Alibaba was interested in taking a stake.
On Monday, shares in YNAP rose 8.7 percent to 25.41 euros in Milan, giving the company a market capitalization of 3.4 billion euros as reports, citing equity traders, circulated that Alibaba’s Jack Ma was eyeing the multi-brand retailer.
Speaking on Tuesday during an event to cut the ribbon on YNAP’s new Technology Hub in west London, Federico Marchetti, YNAP’s chief executive officer, said the company never comments on market rumors.
Other stocks on the upswing included Tesco, up 1.4 percent to 1.69 pounds; and Koovs.com, 0.7 percent to 0.36 pounds.
Among the early afternoon’s biggest fallers were Salvatore Ferragamo, down 1 percent to 24.76 euros; Mulberry, 1.3 percent to 10.95 pounds; Brunello Cucinelli, 1.4 percent to 23.48 euros; and Boohoo.com, 2.3 percent to 2.33 pounds.
Debenhams fell 3.4 percent to 0.43 pounds after the company said in a trading statement that like-for-like sales in the 15 weeks to June 17 were up 0.9 percent.
The British retailer stopped short of a profit warning, saying it currently anticipates that 2017 profit before tax will be “within the range” of market expectations. “However, should current market volatility continue, the outcome could be towards the lower end of the current range,” the company said Tuesday.
Colored gemstone miner and Fabergé owner Gemfields was down 13 percent to 0.31 pounds after shareholders voted overwhelmingly in favor of owner Pallinghurst Resources purchasing the remaining shares it doesn’t already own.
Pallinghurst had been sparring with the Chinese company Fosun Gold to take full control of Gemfields.