LONDON — It was a downbeat morning in European markets, as all indices were down, with the FTSE MIB in Milan and the DAX in Frankfurt leading the way.
The Italian and German markets fell 0.4 percent, to 20,919.44, and to 10,845.51 respectively. The FTSE 100 in London was also down 0.4 percent to 6,846.85 while the CAC 40 in Frankfurt fell 0.2 percent to 4,666.62.
The euro traded at $1.14 while the pound fetched $1.51 and the Swiss franc equaled $1.08 at 11:00 a.m. CET.
Retail and luxury stocks were mostly down, with the exception of Kering, which advanced 1.9 percent to 181.10 euros; The Swatch Group, 1.7 percent to 74.10 Swiss francs; and Gemfields, 1.6 percent to 0.48.
Shares in LVMH Moët Hennessy Louis Vuitton jumped 5.3 percent to 152.10 euros on the back of a 10 percent hike in fourth quarter sales, fueled by its LV monogrammed bags, fashion and leather goods.
Among the stocks that lost the most ground were Hugo Boss, 3.5 percent to 110.2 euros after the brand’s fourth-quarter results fell short of analysts estimates; and Asos.com, 1.5 percent to 29.02 pounds.