LONDON — Europe’s stock markets made modest gains in midmorning trading on Wednesday, with the FTSE MIB in Milan leading the way.

The Italian market was up 1.4 percent to 17,346.03, followed by the FTSE 100 in London and the CAC 40 in Paris, which each advanced 0.6 percent to 6,126.34 and to 4,276.39, respectively.

The euro traded at $1.34, the pound at $1.42, the Swiss franc at $1.04 and the Swedish krona at $0.12 at 11:30 a.m. CET.

Retail and luxury stocks were uneven, with the morning’s biggest gainers including Hennes & Mauritz, 3.8 percent to 275.20 Swedish kronor; Tod’s, 2.1 percent to 61.60 euros; Koovs.com, 9.6 percent to 0.27 pounds, and Jimmy Choo, 2.3 percent to 1.26 pounds.

On Wednesday, H&M said that net income in the three months ended Feb. 29 fell nearly 30 percent on the back of an 8 percent uptick in first-quarter sales. The retailer’s margins took a hit from higher purchasing costs due to the strong dollar and markdowns on coats and other winter apparel.

Among the stocks to lose the most ground were Italia Independent Group, 4.5 percent to 19.05 euros; and French Connection, 1.6 percent 0.43 pounds.

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