LONDON — Europe’s stock markets lost ground in trading Wednesday morning.
The FTSE MIB in Milan and the DAX in Frankfurt were both down 0.5 percent, to 23,596.21 and to 11,797.09 respectively, while the FTSE 100 in London and the CAC 40 in Paris both fell 0.4 percent, to 6,964.19 and to 5,094.93 respectively.
Reuters said that investors were jittery after a Greek official said the country may struggle to make an upcoming debt repayment to the International Monetary Fund.
Fashion, luxury and retail stocks mirrored the markets’ downward trend.
Burberry’s shares dipped 4.9 percent to 17.19 pounds as the British luxury firm reduced its profit guidance for the current fiscal year, blaming currency movements.
Though the firm on Wednesday reported a 4.3 percent rise in profits for the year to March 31 to 336.3 million pounds, or $538 million, it described the current climate as “challenging,” with “uncertainty” in some markets.
Also down were online retailers Boohoo.com, 1.9 percent to 0.27 pounds; Yoox Group, 1.5 percent to 29.46 euros; and Koovs, 2 percent to 0.74 pounds.
Marks & Spencer edged down 0.1 percent to 5.85 pounds as the British retailer reported a 4.8 percent fall in its net profits for the year to March 28 to 481.7 million pounds, or $780 million, though its profit before tax and non-underlying items rose 6.1 percent to 661.2 million pounds, or $1.07 billion.
The few risers numbered Tod’s, 1.9 percent to 85.00 euros, Prada, 1.7 percent to 44.50 Hong Kong dollars; and MySale Group, 5.3 percent to 0.53 pounds.
At 11:30 a.m. CET, the pound traded for $1.55, while the euro changed hands for $1.12 and the Hong Kong dollar for $0.13.