PARIS — Most major European markets were on the upswing Thursday morning, a day after the U.S. Federal Reserve said it will raise interest rates.

The CAC 40 in Paris and the FTSE MIB in Milan each rose 0.8 percent, to 4,808.56 and 18,756.88 points, respectively. The DAX in Frankfurt advanced 0.7 percent to 11,319.44, while the FTSE 100 in London declined 0.1 percent 6,941.04.

The euro traded at $1.04, the British pound for $1.26 and the Swedish krona for $0.11 at 12:25 p.m. CET.

Fashion, luxury and retail stocks were mixed. Among the biggest gainers were Moncler, up 2.5 percent to 16.60 euros; Joules Group, 1.9 percent to 2.11 pounds, and Tod’s, 3 percent to 61.90 euros.

The stocks to lose ground included Hennes & Mauritz, which declined 4.6 percent to 25.86 Swedish kroner, after the company reported earlier in the day November figures that missed analysts’ expectations. Beiersdorf and Hermès International each were down 1.1 percent, to 78.69 euros and 385.75 euros, respectively.

The U.S. Fed on Wednesday said it was raising interest rates and that more hikes would follow at a faster clip in 2017.

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