LONDON — Markets across Europe were on the rise in morning trading, with major luxury and retail stocks following suit, climbing low single-digit percentages.Stock markets reacted favorably to reassurances by European Union leaders that Greece is committed to implementing austerity measures, and will remain inside the Euro zone.
In the face of the extensive rumors of the last few days, it was stressed by all that Greece is an integral part of the Euro zone,” said a Greek government spokesman after a conference call between Greek, French, and German government leaders.
At 10:50 am CET, the FTSE 100 was up 1.8 percent; the CAC 40 had risen 1.7 percent; and the DAX climbed 1.9 percent. The FTSE MIB rose 1.3 percent.
Among the morning’s biggest winners were Ferragamo, which rose 6.2 percent; Italian eyewear maker Marcolin, which was up 5.3; and Yoox, which climbed 4.3 percent. Burberry was up 3.6 percent.
Other stocks such as Tod’s, and LVMH were all up more than 2 percent.