PARIS — European markets were on the upswing Monday morning, despite the British pound suffering its largest one-day fall in almost one year following U.K. prime minister David Cameron’s decision to call a referendum on June 23 on whether the country should leave the European Union.
The FTSE MIB in Milan led the way, rising 2.6 percent to 17,354.66. Frankfurt’s DAX was up 1.9 percent to 9,569.36, while the CAC 40 in Paris gained 1.8 percent to 4,298.10 and the FTSE 100 in London advanced 1.3 percent to 6,025.33.
The euro traded at $1.10 and the pound fetched $1.41 at 1:40 p.m. CET.
Fashion, luxury and retail stocks mostly advanced.
Among the biggest risers was Aeffe, up 5.4 percent to 1.28 euros, and Yoox Net-a-porter and Geox, which both gained 3.7 percent, to 26.98 euros and 2.78 euros, respectively.
Companies whose stock declined included Italia Independent Group, 2.2 percent to 21.67 euros; and J. Sainsbury, 2.1 percent to 2.56 pounds.