LONDON – Europe’s major markets made small gains in late morning trading on Tuesday with the DAX in Frankfurt leading the way.
The German market was up 0.6 percent to 12,067.67, followed by the FTSE MIB in Milan, 0.3 percent to 20,187.84. The FTSE 100 in London and the CAC 40 in Paris were broadly flat at 7,296.09 and at 5,018.81, respectively.
The euro traded at $1.07, while the pound fetched $1.26 and the Swiss franc equaled $1.01 at 12:55 a.m. CET.
Retail and luxury stocks were uneven with the morning’s biggest gainers including Aeffe, 1.9 percent to 1.37 euros; Geox, 3.2 percent to 2.40 euros; Moncler, 2.2 percent to 20.50 euros, and Koovs.com, 4.5 percent to 0.50 pounds.
Among the stocks that lost ground was Mulberry Group, 0.8 percent to 10.80 pounds. On Tuesday, Mulberry confirmed the launch of its Asia joint venture via a partnership with its owner Challice Ltd., a division of Club 21. As reported, the new deal will initially see four stores, a wholesale and omnichannel network, and a Mandarin Chinese web site, in local currency. It will begin trading in Hong Kong from April 3 with a subsidiary in China and a brand office in Taiwan expected to be operational later this year.
Among the other stocks that lost ground were Jimmy Choo, 1.1 percent to 1.62 pounds; Gemfields, 1.7 percent to 0.44 pounds; Swatch Group, 0.7 percent to 67.70 Swiss francs, and Italia Independent Group, 2 percent to 4.30 euros.