LONDON – Europe’s markets all lifted Thursday morning, their latest climb in a week of ups and downs in response to China’s volatile markets.
The DAX in Frankfurt rose 2.9 percent to 10,283.12, followed by the CAC 40 in Paris, up 2.6 percent to 4,619.28. The FTSE MIB in Milan gained 2.3 percent to 21,971.60, while the FTSE 100 in London rose 2.1 percent to 6,101.88.
According to reports, investors were buoyed after the U.S. Federal Reserve indicated Wednesday that it is unlikely to raise interest rates in September, in the wake of China’s slowing growth.
Thursday also saw China’s stocks gain after a week of losses, with the Shanghai Composite Index up 5.3 percent to 3,083.59 and Hong Kong’s Hang Seng index gaining 3.6 percent to 21,838.54.
Fashion, luxury and retail stocks were all largely in positive territory, too. Risers included the MySale Group, 6.2 percent to 0.55 pounds; Salvatore Ferragamo, 3 percent to 25.73 euros; Hugo Boos, 2.6 percent to 102.40 euros and Richemont, 2.3 percent to 71.75 Swiss francs.
Among the few fallers were Gemfields, 0.4 percent to 0.59 pounds; French Connection, 0.4 percent to 0.32 pounds; Mulberry, 1.1 percent to 8.99 pounds and Prada, 2 percent to 31.45 Hong Kong dollars.
At 11.15 a.m. CET, the pound traded for $1.56, while the euro went for $1.14. The Swiss franc changed hands for $1.06 and the Hong Kong dollar for $0.13.