LONDON — European stock markets surged in midmorning trading on Tuesday following a start to the week that saw losses widen into the double-digit percentages.
The FTSE MIB in Milan, which had been the hardest hit following Britain’s vote last week to quit the European Union, led the upswing, climbing 4.3 percent to 15,751.99, followed by the CAC 40 in Paris, 2.8 percent to 4,094.91. The DAX in Frankfurt was up 2.3 percent to 9,484.56, while the FTSE 100 in London advanced 2.2 percent to 6,114.17. At the close of trading on Monday, all of the major European markets were down between 2 and 4 percent.
The euro traded at $1.11, while the pound held steady at $1.33 and the Swiss franc equaled $1.02 at 10:50 a.m. CET.
Retail and luxury stocks, which took a hammering yesterday, also gained ground, with the British companies leading the way. The morning’s biggest risers included Associated British Foods, 7.2 percent to 25.20 pounds; high-street retailer Next, 8.8 percent to 47.70 pounds; Asos.com, 5.5 percent to 36.77 pounds; Marks & Spencer, 5.2 percent to 3 pounds, and the Swatch Group, 4.8 percent to 54.95 Swiss francs.
Among the few stocks that fell were French Connection Group, 6.3 percent to 0.34 pounds; Italia Independent, 3.4 percent to 8.69 euros, and Britain’s Bonmarche Holdings, 3.3 percent to 1.17 pounds.
This week, the U.K. and Europe are moving ahead with the business of Brexit: Prime Minister David Cameron is in Brussels today for an EU summit where he will talk about the U.K. vote and its ramifications, while members of the European parliament will debate and decide their response to Britain’s Out vote.
