LONDON — European stock markets were on the upswing in midmorning trading on Monday, the beginning of what is set to be a week of volatility.
The CAC 40 in Paris led the rise, climbing 1.4 percent to 4,610.88, followed by the FTSE 100 in London, 0.7 percent to 5,994.13, and the FTSE MIB in Milan, 0.6 percent to 21,139.91. The DAX in Frankfurt was up 0.4 percent to 10,383.47.
The euro traded at $1.10, while the pound fetched $1.52, and the Swiss franc equaled $1.02 at 11:20 a.m. CET.
Retail and luxury stocks were mostly up, with the morning’s biggest gainers including Metro AG, 2.2 percent to 27.31 euros; French Connection Group, 2.5 percent to 0.41 pounds; Carrefour, 2.1 percent to 26.70 euros; Zalando, 2.1 percent to 34.69 euros, and J Sainsbury, 3.6 percent to 2.44 pounds.
Among the stocks that lost the most ground were MySale Group, 2 percent to 0.48 pounds; Asos.com, 1.5 percent to 32.77 pounds, and Koovs.com, 2.6 percent to 0.28 pounds.
The U.S. Federal Reserve is set to announce an interest rate hike this week, signaling the strengthening of the U.S. economy, while China’s central bank has further devalued the yuan. The Chinese currency is now at its lowest point for nearly 5 years, as the country struggles with a slowing economy, and falling commodities prices.