LONDON — European stock markets were on the upswing in midmorning trading on Tuesday, with Milan’s FTSE MIB leading the way.
The Italian market was up 1.9 percent to 16,568.09, followed by the CAC 40 in Paris, 1.5 percent to 4,328.78, and the DAX in Frankfurt, 1.4 percent to 9,967.75. The FTSE 100 in London climbed 0.2 percent to 6,693.07.
The euro traded at $1.10, while the pound fetched $1.30, and the Swiss franc equaled $1.02 at 11:30 a.m. CET.
Retail and luxury stocks were also on the upswing, with the morning’s biggest gainers including Zalando, 3.6 percent to 26.55 euros; Hugo Boss, 3.5 percent to 49.99 euros; Aeffe, 5.5 percent to 1.05 euros; Marks & Spencer Group, 4.1 percent to 3.43 pounds, and Metro AG, 2.6 percent to 29 euros.
Burberry Group extended its gains, climbing 1.5 percent to 12.29 pounds following a shakeup of top management announced Monday and the appointment of a new chief executive officer, Marco Gobbetti, to work alongside Christopher Bailey, now Burberry’s president and chief creative officer, having relinquished the ceo role.
Asos.com was up 4.2 percent to 44.80 pounds after the company reported a 30 percent increase in total group revenue and total retail sales. On a constant currency basis both figures were up 26 percent in the four months to June 30. Group revenue was 514.6 million pounds while retail sales hit 500.5 million pounds.
Nick Beighton, the site’s ceo, said U.K. growth remained strong, climbing 28 percent in the period. International retail sales increased by 31 percent, and 25 percent on constant currency basis. He said the company is now expecting full-year sales growth at the upper end of the 20 to 25 percent range.