LONDON — European stock markets were on the upswing in midmorning trading on Tuesday, with the DAX in Frankfurt leading the way.
The German market was up 1.9 percent to 10,298.13, followed by the FTSE MIB in Milan, 1.7 percent to 21,991.15, and the CAC 40 in Paris, 1.6 percent to 4,620.30. The FTSE 100 in London advanced 1.3 percent to 6,153.09.
Retail and luxury stocks were mostly up, with the morning’s biggest gainers including Metro AG, 2.5 percent to 26.03 euros, on news that it’s teaming with Alibaba to start selling online in China; Safilo, 2.4 percent to 10.55 euros; Aeffe, 2.4 percent to 1.47 euros, and Moncler, 2 percent to 15.81 euros.
Among the stocks that lost the most ground were Koovs.com, 2.3 percent to 0.66 pounds; French Connection Group, 1.6 percent to 0.30 pounds; Italia Independent Group, 2.7 percent to 30.18 euros, and Ted Baker, 2.4 percent to 29.47 pounds.
At 11 a.m. CET, the euro was trading for $1.12 and the pound for $1.54.
Asian markets ended the day mixed with Chinese stocks outperforming their Japanese peers. Hong Kong’s Hang Seng rose 3.28 percent to end the session at 21,259.04 while Shanghai’ SSE grew 2.92 percent to end at 3,170.45. Tokyo’s Nikkei 225 slid 2.43 percent to finish at 17,427.08.
On Tuesday China released disappointing import and export figures. The country’s imports fell in August for the tenth straight month, in yet another indicator that the country’s economy is slowing in a more dramatic fashion than government estimates had predicted.
Chinese imports fell 13.8 percent from August 2014, an accelerated decline from July’s 8.1 percent year-on-year drop. Exports also fell 5.5 percent in August, following an 8.3 percent contraction in July.