LONDON — European stock markets bounced back in morning trading on Tuesday, after a slow start to the week. Higher oil prices bolstered Europe’s major markets, with the DAX in Frankfurt gaining the most.
The German market was up 2.3 percent to 10,349.13, followed by the CAC 40 in Paris, 1.3 percent to 4,566.87; and the FTSE MIB in Milan, 0.8 percent to 18,508.30. The FTSE 100 in London climbed 0.6 percent to 6,394.43.
The euro traded at $1.13, while the pound fetched $1.42 and the Swiss franc equaled $1.04 at 12 p.m. CET.
Retail and luxury stocks were on the upswing, with Yoox Net-a-porter Group among the biggest gainers. Early Tuesday, the fashion and luxury e-commerce group announced a new strategic investor, Alabbar Enterprises, which will help it expand in the Middle East. Alabbar, controlled by retail and property tycoon Mohamed Alabbar, has taken a 4 percent strategic stake via a 100 million euro capital increase.
Other risers included Compagnie Financière Richemont, which was up 2.8 percent to 66.40 Swiss francs. Richemont is a major stakeholder in YNAP.
L’Oréal — which saw sales rise 1.8 percent in the first quarter, beating analysts’ estimates — advanced 4.8 percent to 168.15 euros; Beiersdorf, 4 percent to 82.52 euros; Kering, 3.4 percent to 161.30 euros; Hugo Boss, 2.6 percent to 61.56 euros, and Swatch Group, 2.6 percent to 67.90 Swiss francs.