LONDON — European stock markets were on the upswing in midmorning trading on Friday, capping a troubled week for markets following China’s surprise devaluation of the yuan.
The FTSE 100 in London, the DAX in Frankfurt and the FTSE MIB in Milan were all up 0.2 percent to 6583.95, 11,038.47 and 23,400.01, respectively, while the CAC 40 in Paris rose 0.1 percent to 4,995.61.
The euro traded at $1.11, while the pound fetched $1.56 and the Swiss franc equaled $1.02 at 11:20 am CET.
Retail and luxury stocks were mostly higher, with the morning’s biggest gainers including Moncler, 1.1 percent to 17.32 euros; Italia Independent Group, 2.1 percent to 30.42 euros; Ted Baker, 1.2 percent to 33.08 pounds, and MySale Group, 2.4 percent to 0.52 pounds.
European luxury stocks, which lost 5-10 percent of their value following China’s currency decision earlier this week, began their climb back on Thursday. China, like many major economies, is hoping to prop up its macro-economic growth through currency devaluation.