LONDON — European stock markets were on the upswing in early afternoon trading on Friday, with the FTSE MIB in Milan leading the rally.
The Italian market climbed 1 percent to 19,763.04, followed by the FTSE 100 in London and the DAX in Frankfurt, which both rose 0.6 percent to 7,359.51 and to 12,043.91, respectively. The CAC 40 in Paris was up 0.5 percent to 5,006.29.
The euro traded at $1.06, while the pound fetched $1.22 and the Swiss franc equaled $0.99 at 1:40 p.m. CET.
Retail and luxury stocks were mostly on the rise with the morning’s biggest gainers including Koovs.com, 2.1 percent to 0.49 pounds; Zalando, 1.2 percent to 36.83 euros; Jimmy Choo, 1.6 percent to 1.63 pounds, and Metro Group, 1.3 percent to 29.56 euros.
Brunello Cucinelli rose 1.8 percent to 21.10 euros after the brand announced earlier this week it expects to deliver double-digit growth in revenue and margins this year.