LONDON — Europe’s stock markets made modest gains in mid-morning trading, with the DAX in Frankfurt leading the upswing.
The German market rose 0.9 percent to 6,772.46, followed by the CAC 40 in Paris, which climbed 0.8 percent to 3,252.86.
The FTSE 100 in London advanced 0.4 percent to 5,783.44 following a forecast that the U.K. economy will emerge from recession and return to growth in the second half and expand at a faster rate next year.
Italy’s FTSE MIB, meanwhile, climbed 0.2 percent to 14.246.34.
The euro traded at $1.32 while the pound traded at $1.62 at 11:10 am CET.
Retail and luxury stocks were mixed, with the morning’s biggest gainers including LVMH Moët Hennessy Louis Vuitton, which advanced 1.8 percent to 130.65 euros; Inditex, which climbed 1.8 percent to 68.78 euros; and Beiersdorf, which climbed 1.5 percent to 53.80 euros.
Hermès International was down 2.7 percent to 269.50 euros despite a 21.9 percent sales spike in the first quarter, while Safilo Group sank 1 percent to 4.91 euros.
The U.K.’s CBI business lobby group said today it is expecting annual growth of 0.6 percent this year, with the country emerging from recession in the second half.
“Despite the disappointing GDP estimate for the first quarter from the [Office of National Statistics], we still think the U.K. economy will grow in 2012, with faster growth next year,” said John Cridland, CBI’s director-general. “Optimism among businesses has been increasing since the turn of the year, with manufacturing demand holding up. And that is beginning to translate into more jobs and investment.”
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