LONDON — European stock markets were down in mid-morning trading on Thursday, dented by worries that Greece could default on its loans at the month’s end, and concerns over growth forecasts for the U.S. economy.
The DAX in Frankfurt and the FTSE MIB in Milan fell 1 percent, to 10,870.98 and to 22,013.96 respectively. The CAC 40 in Paris was down 0.9 percent to 4,746.45, while the FTSE 100 in London dipped 0.5 percent to 6,650.18.
The euro traded at $1.13, while the pound fetched $1.57, and the Swiss franc equaled $1.08 at 11:00 a.m. CET.
Retail and luxury stocks were mostly down, with the exception of Asos.com, which climbed 1 percent to 37.15 pounds; French Connection Group, 2.8 percent to 0.45 pounds, and mass-market retailer Bonmarche Holdings, 1.3 percent to 2.91 pounds.
Among the day’s biggest fallers were Gemfields, 2.4 percent to 0.63 pounds; Aeffe, 3.4 percent to 1.86 euros; Geox, 2.6 percent to 3.43 euros, and Swatch Group, 1.7 percent to 70.95 Swiss francs.
European finance ministers are meeting today in Luxembourg, with Greek debt at the top of the agenda. The risk is that the country will default on its debts at the end of the month, paving the way for the country’s exit from the euro zone.
In addition, the U.S. Federal Reserve has lowered its forecasts for 2015, and floated the possibility of a rate rise at the end of the year.