LONDON — Europe’s stock markets made modest gains in mid-morning trading on Wednesday, with the FTSE MIB in Milan leading the way.
The Italian market was up 0.5 percent to 17,130.10, followed by the CAC 40 in Paris and the DAX in Frankfurt, which were both up 0.3 percent, to 4,542.09 and to 10,717.42, respectively. The FTSE 100 in London rose 0.1 percent to 6,830.57.
The euro traded at $1.12, while the pound fetched $1.34, and the Swiss franc equaled $1.02 at 11:00 a.m. CET.
Retail and luxury stocks were also on the upswing, with the morning’s biggest gainers including Italia Independent Group, 2 percent to 4.80 euros; Inditex, 2 percent to 32.92 euros; Koovs.com, 4.5 percent to 0.68 pounds, and Yoox Net-a-porter Group, 1.1 percent to 28.45 euros.
Among the shares that lost the most ground were Ted Baker, 1.3 percent to 27.39 pounds; Hugo Boss, 1.2 percent to 53.77 euros; Swatch Group, 1.1 percent to 52.05 Swiss francs, and Compagnie Financière Richemont, 1.4 percent to 58.95 Swiss francs..
Investment bank Barclays on Wednesday downgraded the hard luxury sector, suggesting luxury watches are falling out of favor.