LONDON — Europe’s stock markets edged up in mid-morning trading on Tuesday following reports of a new fiscal stimulus package put together by the Chinese government.
The FTSE MIB in Milan was the only market that lost ground. The Italian market was down 0.01 percent to 13,055.78 at 11:30 am CET.
The DAX in Frankfurt was up 0.5 percent to 6,355.67, followed by the CAC 40 in Paris, which climbed 0.4 percent to 3,054.48. The FTSE 100 in London advanced 0.1 percent to 5,360.66.
The euro traded at $1.26 while the pound traded at $1.57.
Retail and luxury stocks were mostly up, with the morning’s biggest gainers including Hugo Boss, which climbed 3.1 percent to 79.41 euros; Marcolin, which advanced 3.3 percent to 4 euros; Tod’s, which rose 1.2 percent to 79.25 euros; and Luxottica, which was up 1.8 percent to 26.41 euros.
Among the stocks that lost ground were Yoox, which was down 0.8 percent to 11.08 euros, and Inditex, which fell 0.7 percent to 68.54 euros.
Earlier this week, Hong Kong-based financial analysts said in separate research reports that China was readying a new stimulus package. On Monday, the country also made moves to open its banking system to private and international investors in another move to stimulate growth.