LONDON — European stock markets edged up at the close of trading on Thursday as the region’s leaders kicked off two-days of budget talks.
The FTSE MIB in Milan gained the most, climbing 1 percent to 15,553.62, followed by the DAX in Frankfurt, which advanced 0.8 percent to 7,244.99. The FTSE 100 in London climbed 0.7 percent to 5,791.03, followed by the CAC 40 in Paris, which was up 0.6 percent to 3,498.22.
The euro traded at $1.28 while the pound traded at $1.59 and the Swiss franc traded at $1.06.
The U.S. markets are closed today, and will be open for trading for a half-day on Friday due to the Thanksgiving holiday.
Retail and luxury stocks were mostly up with the markets, with the day’s biggest gainers including Hugo Boss, which advanced 1.7 percent to 80.69 euros; Inditex, which was up 1.8 percent to 103 euros; and Metro AG, which advanced 2.6 percent to 21.86.
Among the few stocks that lost ground was French Connection, which was down 3 percent to 0.24 pounds.
European leaders are meeting in Brussels today and tomorrow to hammer out the region’s 2014-20 budget.
The U.K., Germany, Sweden and the Netherlands are opposed to a proposed 5 percent hike in the new budget, compared with the 2007-13 period.