LONDON — With the exception of Milan’s FTSE MIB, European stock markets were on the upswing in mid-morning trading on Monday after Italian prime minister Matteo Renzi’s resignation in the wake of Sunday’s referendum defeat.
The Italian market dipped 0.1 percent to 17,069.42, while the DAX in Frankfurt was up 1.7 percent to 10,687.44, and the CAC 40 in Paris, 1.4 percent to 4591.96. The FTSE 100 in London climbed 0.3 percent to 6,750.83.
The euro traded at $1.07, while the pound fetched $1.27 and the Swiss franc equaled $0.99 at 11:45 a.m. CET.
The euro rebounded against the dollar in mid-morning trading, as Italy prepared to usher in a new government in the wake of Renzi’s resignation. His proposal to reform the Italian senate was defeated in referendum that Italians transformed into a vote of no confidence in his government.
Italy ousted Renzi at a time of great turmoil for the country, which is facing a major banking crisis, economic stagnation and an ongoing influx of immigrants from Africa, Syria and the Middle East.
Retail and luxury stocks were on the upswing, including Italian brands such as Moncler, 3 percent to 15.80 euros; Luxottica Group, 1.4 percent to 50.90 euros, and Salvatore Ferragamo, 1.6 percent to 21.01 euros.
Among the other stocks to gain ground were Adidas, 2.3 percent to 141.60 euros; Swatch Group, 3.9 percent to 60.75 Swiss francs; and LVMH Moët Hennessy Louis Vuitton, 2.8 percent to 173.95 euros.
Burberry Group was up 2.3 percent to 14.44 pounds, following a report in the Financial Times that it had rebuffed numerous advances from Coach to merge. On Monday, a Burberry spokesman declined to comment on the FT report.
The speculation follows media reports in October that Coach had approached Burberry, which is undergoing a structural and strategic overall and is set to welcome a new chief executive officer, Marco Gobbetti, next summer.
Among the few stocks that lost ground were Koovs.com, 3.1 percent to 0.47 pounds, and Jimmy Choo, 1.1 percent to 1.33 pounds.