LONDON — European stock markets were on the upswing in morning trading Friday, following the unveiling of a punchy stimulus plan by the European Central Bank to spur recovery.
The FTSE MIB in Milan led the uptick, climbing 3.9 percent to 18,825.55, followed by the DAX in Frankfurt, 3.1 percent to 9,788.85, and the CAC 40 in Paris, 3 percent to 4,481.92. The FTSE 100 in London rose 1.6 percent to 6,133.34.
The euro traded at $1.10, while the pound fetched $1.42 and the Swiss franc equaled $1 at 12:45 p.m. CET.
Retail and luxury stocks also gained ground, with the morning’s biggest risers including Jimmy Choo, 3.1 percent to 1.37 pounds; Hugo Boss, 4 percent to 57.05 euros; Metro, 3.2 percent to 24.72 euros, and Salvatore Ferragamo, 2.7 percent to 22.45 euros.
Among the few stocks that lost ground were Swatch Group, 2.7 percent to 69.80 Swiss francs; Marks & Spencer Group, 2.7 percent to 3.96 pounds; Ted Baker, 2.7 percent to 27.97 pounds, and Yoox Net-a-porter Group, 2.7 percent to 24.72 euros.
On Thursday, ECB chief Mario Draghi slashed the main interest rate in the euro zone to zero, turned the key bank deposit rate negative — meaning that the big banks will now have to pay to keep money at the central bank — and boosted the economic stimulus program further.
Draghi is seeking to boost recovery in the euro zone, which has been battling with sluggish growth, falling commodities prices and entrenched deflation.