LONDON — European stock markets were down in midmorning trading on Tuesday with the FTSE MIB in Milan leading the way.
The Italian market was down 1.4 percent to 21,732.57, followed by the FTSE 100 in London, 0.5 percent to 6,194.88, and the DAX in Frankfurt, 0.4 percent to 10,845.36. The CAC 40 in Paris was also down 0.4 percent to 4,739.30.
The euro traded at $1.08 while the pound fetched $1.51 and the Swiss franc equaled $1.00 at 11:50 a.m. CET. The price of oil fell this week by 5 percent following OPEC’s decision to keep pumping cheap crude onto the market, sending shares in energy companies down.
Retail and luxury stocks were feeling the pain, with the morning’s biggest losers including Swatch Group, down 1.8 percent to 68.10 Swiss francs; Moncler, 2.4 percent to 14.78 euros, and Zalando, 1.5 percent to 35.28 euros.
Among the few stocks that gained ground in midmorning were J Sainsbury, 3.1 percent to 2.49 pounds; Tesco, 2.6 percent to 1.61 pounds; Beiersdorf, 3 percent to 34.80 euros, and Adidas, 2.2 percent to 92.94 euros.