LONDON European stock markets made gains in midmorning trading on Friday, following the Bank of England’s decision to cut its historically low-interest rates even further.

The FTSE MIB in Milan led the way, climbing 1.1 percent to 16,420.34; followed by the CAC 40 in Paris, 0.8 percent to 4,381.73, and the FTSE 100 in London, 0.5 percent to 6771.14. The DAX in Frankfurt rose 0.3 percent to 10,259.11.

The euro traded at $1.11, while the pound fetched $1.32 and the Swiss franc equaled $1.03 at 10:10 a.m. CET.

Retail and luxury stocks were mostly up, with the morning’s biggest gainers including Yoox Net-a-porter Group, which climbed 4.1 percent to 25.34 euros after the company saw profits climb 15.2 percent in the first half.

Hugo Boss was also on the upswing, climbing 5.2 percent to 55.25 euros after the company reported better-than-expected revenue results in the second quarter. was up 2.5 percent to 47.02 pounds, while Geox rose 2.7 percent to 2.42 euros. gained 3.4 percent to 0.61 pounds, while Aeffe was up 3 percent to 1.03 euros.

Among the few stocks that lost ground were Jimmy Choo, down 1.9 percent to 1.05 pounds; and Safilo Group, 0.7 percent to 8.02 euros.

On Thursday, the Bank of England slashed its historically low-interest rate in half to 0.25 percent, in a bid to boost a slowing economy and counter the effects of Britain’s vote to leave the European Union.

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