LONDON — While Tokyo’s Nikkei 225 index closed down 0.2 percent Friday, many European stock markets registered modest rises by mid-morning, after a ban on short-selling shares in Belgium, France, Italy and Spain took effect.
The FTSE 100 was up 1.65 percent in London, while France’s CAC 40 was up 2.14 percent, Germany’s DAX was up 2.60 percent and the FTSE MIB in Milan was up 2.68 percent. The European indexes had originally opened down following the ban, which the European Securities and Markets Authority (ESMA) announced Thursday. Short selling can allow investors to benefit when stock prices fall.
The ESMA said the ban is intended to: “Either restrict the benefits that can be achieved from spreading false rumors or to achieve a regulatory level playing field, given the close inter-linkage between some EU markets.”
The majority of fashion and luxury stocks also saw rises. Among the strongest gains were Hermès, up 4.44 percent; Mulberry, up 5.29 percent; Swatch Group, up 6.01 percent, and Aeffe, up 8.09 percent.
A Stella McCartney sketch of a custom dress made from protein-based silk in partnership with biotech lab Bolt Threads. The dress will be displayed at The Museum of Modern Art's upcoming design exhibition, "Items: Is Fashion Modern?"