LONDON — European stock markets were on the rise in midmorning trading on Thursday following news that Greece’s parliament had passed a package of European Union-backed reforms that will secure a third bailout for the troubled country.

The FTSE MIB in Milan gained the most, climbing 1.1 percent to 23,658.80, followed by the DAX in Frankfurt, which was up 0.7 percent to 11,624.22, and the CAC 40 in Paris, 0.6 percent to 5079.04. The FTSE 100 in London rose 0.3 percent to 6,772.01.

The euro traded at $1.10, while the pound fetched $1.56 and the Swiss franc $1.05 at 9:45 a.m. CET.

Retail and luxury stocks were mostly up, with the exception of Mulberry Group, which fell 6.4 percent to 8.50 pounds; French Connection Group, 1.7 percent to 0.43 pounds, and MySale Group, 6.1 percent to 0.46 pounds.

Among the stocks that gained the most were Jimmy Choo, 2.6 percent to 1.65 pounds; Swatch Group, 3.8 percent to 78.05 Swiss francs, and Aeffe, 1.6 percent to 1.89 euros.

Euro zone member nations will have to ratify the agreement with Greece, but according to media reports, the first tranche of bailout funds could come as early as this week.

Click Here for the WWD Global Stock Tracker >>

load comments
blog comments powered by Disqus