LONDON — European stock markets were on the upswing in midmorning trading on Wednesday, ahead of the latest monetary policy decision by the U.S. Federal Reserve.
The CAC 40 in Paris led the way, climbing 1.1 percent to 4,442.26, followed by the FTSE MIB in Milan and the DAX in Frankfurt, which each gained 0.9 percent to 16,852.44 and to 10,333.10, respectively. The FTSE 100 in London edged up 0.4 percent to 6,747.95.
The euro traded at $1.10, while the pound fetched $1.31 and the Swiss franc equaled $1.01 at 9:40 a.m. CET.
Retail and luxury stocks were mostly on the rise, with the morning’s biggest gainers including Ted Baker, 1.7 percent to 22.97 pounds; Kering, 2.6 percent to 159.70 euros; Gemfields, 3.6 percent to 0.34 pounds; Burberry Group, 1.4 percent to 13.35 pounds, and LVMH Moët Hennessy Louis Vuitton, 5.6 percent to 151.75 euros, after reporting a 2.2 percent increase in group revenues in the first six months.
Among the stocks that fell were Mulberry Group, 1.1 percent to 10.50 pounds; Aeffe, 1.7 percent to 1.08 euros, and MySale Group, 1.7 percent to 0.76.
The Federal Reserve is set to give an update on its monetary policy later today.