LONDON — European stock markets made modest gains in midmorning trading on Tuesday, the first full day of trading in 2017 following the long New Year’s weekend.
The CAC 40 in Paris led the upswing, rising 0.5 percent to 4,904.37, followed by the FTSE 100 in London and the FTSE MIB in Milan, which were both up 0.3 percent to 7,165.94 and to 19,622.14, respectively. The DAX in Frankfurt edged up 0.1 percent to 11,607.21.
The euro traded at $1.05, while the pound fetched $1.23 and the Swiss franc equaled $0.98 at 11:50 a.m. CET.
Retail and luxury stocks were uneven, with the morning’s biggest risers including Zalando, 3 percent to 37.99 euros; Aeffe, 3.4 percent to 1.23 euros; Italia Independent, 3.6 percent to 6.30 euros, and Joules Group, 1.3 percent to 2.23 pounds.
Among the stocks that lost the most ground were Primark parent Associated British Foods, 1.4 percent to 27.07 pounds; Debenhams, 2.6 percent to 0.56 pounds; British high street retailer Next, 3.1 percent to 48.31 pounds; Luxottica, 1.4 percent to 51.05 euros, and Marks and Spencer Group, 2.6 percent to 3.41 pounds.
British retail stocks were hit particularly badly after analysts said stores would come under sourcing and pricing pressure this year from the weaker pound. Analysts said stores would be forced to do more to convince shoppers to spend in what promises to be a year of rising inflation and stagnating wages.