LONDON — European stock markets recovered some ground on Monday after nose-diving in the wake of Britain’s vote to quit the European Union.
All major indices were down on Monday at 10:50 a.m. CET, but it was nothing compared to Friday’s retreat, which saw Italy’s FTSE MIB close down 12.5 percent.
On Monday, the FTSE MIB in Milan fell 1.4 percent to 15,511.99, followed by the FTSE 100 in London and the DAX in Frankfurt, 1.3 percent to 6061.04 and to 9,431.96 respectively. The CAC 40 in Paris was down 1.2 percent to 4,059.07.
The euro traded at $1.11, while the pound held steady at $1.37, after having fallen to a low of $1.32 on Friday, and the Swiss franc equaled $1.03.
Retail and luxury stocks all took a drubbing in midmorning, with the biggest fallers including SuperGroup, parent of Superdry, 7.1 percent to 13.79 pounds; and Yoox Net-a-porter Group, 6.9 percent to 20.18 euros.
Boohoo.com dropped 6.3 percent to 0.54 pounds; Next, 7 percent to 45.10 pounds; Marks & Spencer Group, 6.8 percent to 3.04 pounds; and Salvatore Ferragamo was down 3.3 percent to 18 euros.
Among the few stocks that gained ground were Mulberry Group, 3.4 percent to 10.11 pounds; Aeffe, 1 percent to 1.01 euros; and Inditex, 0.4 percent to 20.01 euros.
German Chancellor Angela Merkel was set to meet with French President François Hollande later today to discuss Britain’s vote.
Britain’s Chancellor of the Exchequer George Osborne sought to calm nerves early Monday with a statement saying the U.K. was ready to face the future “from a position of strength,” according to the BBC.