LONDON — European stock markets were down in midmorning trading on Friday as the European Central Bank began unlocking new emergency funds for Greek banks in a fractious week for the European Union.
The DAX in Frankfurt was down 0.3 percent to 11,679.48, followed by the FTSE 100 in London and the FTSE MIB in Milan, which were both down 0.2 percent to 6,783.01 and to 23,745.23 respectively. The CAC 40 was flat at 5,121.70.
The euro traded at $1.09 while the pound fetched $1.56 and the Swiss franc equaled $1.05 at 11:45 a.m. CET.
Retail and luxury stocks put on an uneven show, with the morning’s biggest gainers including Jimmy Choo, 1.8 percent to 1.63 pounds; Brunello Cucinelli, 4.5 percent to 17.45 euros, and Aeffe, 5 percent to 1.97 euros.
Among the stocks that lost the most ground were Gemfields, 1.2 percent to 0.59 pounds; Adidas, 1.1 percent to 70.80 euros, and Marks & Spencer Group, 0.9 percent to 5.41 pounds.
The Greek parliament on Wednesday approved a package of reforms aimed at securing a third bailout. Separately, the ECB increased its emergency funding to Greek banks, which had remained closed for more than two weeks, by 900 million euros.
EU leaders have also authorized a bridging loan to keep the country afloat before the bailout money arrives.