LONDON — European stock markets were on the upswing in midmorning trading on Friday, capping a turbulent week.
Markets were up following official figures stating that the eurozone economy grew 0.3 percent in the fourth quarter of last year, compared with the third quarter.
While the growth was in line with projections, analysts said it was modest considering the economic tailwinds — a weaker euro that should be boosting exports and low energy costs.
The FTSE MIB in Milan led the rally, climbing 2.9 percent to 16,225.34, followed by the FTSE 100 in London and the DAX in Frankfurt, both up 1.5 percent to 5,619.49 and to 8,883.67 respectively. The CAC 40 in Paris climbed 1.4 percent to 3,952.69.
The euro traded at $1.13, while the pound fetched $1.45 and the Swiss franc equaled $1.03 at 11:50 a.m. CET.
Retail and luxury stocks also gained ground with the morning’s leaders including Geox, 2.1 percent to 2.90 euros; Safilo Group, 3.4 percent to 7.76 euros; Swatch Group, 2.4 percent to 62.90 Swiss francs; and Burberry Group, 2.5 percent to 11.37 pounds.
Among the few stocks that lost ground were Jimmy Choo, 2.4 percent to 1.25 pounds; MySale Group, 2.9 percent to 0.41 pounds; Adidas, 1.7 percent to 87.53 euros; and Tesco, 1.9 percent to 1.76 pounds.