LONDON — Europe’s markets were all on the rise in trading Wednesday morning.
The DAX in Frankfurt advanced 1.1 percent to 11,576.37, while the CAC 40 in Paris climbed 0.9 percent to 5,159.18. The FTSE MIB in Milan gained 0.8 percent to 23,662.55, and the FTSE 100 in London was up 0.3 percent to 6,706.67.
The rises came despite some downbeat data from the U.K.
According to the Markit/CIPS purchasing managers’ index (PMI) for the U.K. services sector, released Wednesday, its business activity index fell to 57.4 in July, from 58.5 in June — though that still represented growth in the sector, albeit at a weaker rate. The index level would have to fall to under 50 to represent a contraction.
Chris Williamson, chief economist at Markit, commented: “A deterioration in service-sector growth is the latest in a stream of signals that the economy has slowed as we move into the second half of the year. The fall in the services PMI follows signs of ongoing weakness in manufacturing and a renewed slowing in the construction sector.”
Fashion, luxury and retail stocks were also in largely positive territory Wednesday.
Among the risers were Tod’s, 2.4 percent to 94.45 euros; Aeffe, 2.4 percent to 1.85 euros; Ted Baker, 1.8 percent to 32.37 pounds, and Beiersdorf, 2.8 percent to 82.21 euros. The latter rose as the cosmetics firm reported earlier in the day an 18.8 percent gain in its second-quarter net profits to 170 million euros, or $188 million.
The few fallers numbered French Connection, 1.4 percent to 0.37 pounds; Asos, 1.9 percent to 34.11 pounds, and Safilo Group, 3 percent to 11.15 euros. Safilo Group lost ground after reporting on Tuesday a 68.5 percent drop in its adjusted net profit for the six months ended June 30 to 9.9 million euros, or $11.6 million.
At 11:27 a.m. CET, the pound traded for $1.56, while the euro fetched $1.09.