LONDON — Europe’s markets recouped some of their losses on Thursday morning, as the People’s Bank of China said Wednesday that there was “no basis” for further depreciation of the yuan — though the Chinese currency did fall by another 1 percent against the dollar.
Europe’s markets had lost ground Tuesday and Wednesday as investors reacted to China’s surprise devaluation of the yuan.
The FTSE MIB in Milan gained 1.7 percent to 23,384.45, while the CAC 40 in Paris rose 1.6 percent to 5,005.85. The DAX in Frankfurt climbed 1.2 percent to 11,058.70 and the FTSE 100 in London was up 0.7 percent to 6,615.34.
Fashion, luxury and retail stocks generally mirrored the markets’ gains.
The highest risers numbered Yoox Group, 3.7 percent to 28.65 euros; Luxottica Group, 3.3 percent to 64.40 euros; Italia Independent, 3.4 percent to 30.80 euros and LVMH Moët Hennessy Louis Vuitton, 3 percent to 160.55 euros.
At 11.30 a.m. CET, the pound traded for $1.56, while the euro changed hands for $1.11.