LONDON — Falling oil prices dragged European stock markets down in midmorning trading on Tuesday, with the FTSE MIB in Milan leading the way.
The Italian market fell 1.3 percent to 16,456.03; followed by the DAX in Frankfurt, 1.1 percent to 9,953.20, and the CAC 40 in Paris, 0.8 percent to 4,322.08. The FTSE 100 in London was down 0.5 percent to 6,662.47.
The euro traded at $1.11, while the pound fetched $1.32, and the Swiss franc equaled $1.02 at 10:50 a.m. CET.
Retail and luxury stocks were mostly down, with the morning’s biggest fallers including Tesco, 2.7 percent to 1.62 pounds; J. Sainsbury, 1.4 percent to 2.27 pounds; Swatch Group, 1.3 percent to 51.55 Swiss francs; Geox, 1.8 percent to 2.68 euros; Hugo Boss, 1.8 percent to 49.22 euros, and French Connection, 1.7 percent to 0.36 pounds.
Among the few stocks that gained ground were Zalando, which surged 20 percent to 31.96 euros after the company raised full-year adjusted profit guidance following a sales spike of 24 percent in the second quarter.
Oil prices were down more than one percent on Monday on fears of rising supplies.