LONDON — European stock markets were on the rise in midmorning trading on Thursday, with markets anticipating the Bank of England to slash its historically low interest rate even further.
The FTSE MIB in Milan was up 0.9 percent to 16,280.77, followed by the DAX in Frankfurt, 0.8 percent to 10,251.29; the CAC 40 in Paris, 0.4 percent to 4,338.12, and the FTSE 100 in London, 0.1 percent to 6,637.81.
The euro traded at $1.12, while the pound fetched $1.33 and the Swiss franc equaled $1.03 at 11 a.m. Central European Time.
Retail and luxury stocks were mostly up, with the morning’s biggest gainers including Yoox Net-a-porter, 2.9 percent to 24.39 euros; MySale Group, 3.1 percent to 0.81 pounds; Aeffe, 2.3 percent to 1.03 euros; Geox, 1.7 percent to 2.39 euros, and Koovs.com, 6.9 percent to 0.62 pounds.
Safilo Group was up 14.4 percent to 8 euros after the Italian eyewear company said adjusted net profits rose 130.6 percent to 22.9 million euros, or $25.6 million, compared with adjusted earnings of 9.9 million euros, or $11.5 million, in the same period last year.
Later Thursday, the Bank of England is expected to slash the country’s already-low interest rate to 0.25 percent from 0.5 percent. The cut would be the first in seven years, and come against the backdrop of a slowdown in the factory, construction and service industries.