LONDON — European stock markets made modest gains in morning trading on Wednesday, with the DAX in Frankfurt the only index to lose ground.
The German market fell 0.1 percent to 10,938.45, while the FTSE 100 was up 1.1 percent to 6,452.19 and the CAC 40 in Paris, 0.9 percent to 4,980.42. The FTSE MIB in Milan rose 0.6 percent to 22,592.20.
The euro traded at $1.10, while the pound fetched $1.54 and the Swiss franc equaled $1.01 at 12:30 p.m. CET.
Retail and luxury stocks were mostly up, with the exception of Gemfields, down 3.7 percent to 0.46 pounds; Hugo Boss, 1.7 percent to 91.89 euros, and Debenhams, 1.5 percent to 0.88 pounds.
Among the stocks that gained the most ground were Marks & Spencer Group, which climbed 3.3 percent to 5.38 pounds, after the retailer reported a 1 percent uptick in group revenue and an increase in underlying pre-tax profits of 6.1 percent in the first half.
Swatch Group climbed 3.1 percent to 74 Swiss francs, while Tod’s SpA was up 2.4 percent to 77.85 euros. Beiersdorf advanced 2.5 percent to 87.22 euros, after the company reported third-quarter net profits leapt 43 percent versus the same prior-year period, and both J. Sainsbury and Tesco were up 2.5 percent to 2.76 pounds and to 1.89 pounds, respectively.