LONDON – Europe’s major markets were in retreat in mid-morning trading on Wednesday, with the exception of the CAC 40 in Paris, which edged up 0.1 percent to 5,281.29.
The DAX in Frankfurt was flat at 12,466.47, while the FTSE MIB in Milan was down 0.6 percent to 20,680.94, and the FTSE 100 in London, 0.1 percent to 7,271.61.
The euro traded at $1.09, while the pound fetched $1.28 and the Swiss franc equaled $1.01 at 11:15 a.m. CET.
Retail and luxury stocks were uneven, with the morning’s biggest gainers including Kering, which soared 9.9 percent to 284.90 euros on the back of robust Gucci results. The stock earlier hit a new record high of 288.00 euros, representing an increase of 35 percent so far this year.
Gucci posted its strongest revenue increase in 20 years, with organic sales in the first quarter vaulting 48.3 percent to 1.35 billion euros, or $1.44 billion. A strong performance from Saint Laurent in the three months helped Kering register a 31.2 percent jump in revenues during the period, largely beating analysts’ expectations.
Moncler was up 2.9 percent to 22.36 euros; Tod’s, 2.2 percent to 70.25 euros; and Yoox Net-a-porter Group, 2.9 percent to 25.20 euros.
Among the stocks that lost the most ground were Boohoo.com, down 3.2 percent to 1.84 pounds; and Mulberry, 2.5 percent to 10.72 pounds.