LONDON — European stock markets were on the upswing in morning trading on Wednesday, as investors awaited the latest interest rate update from the U.S. Federal Reserve.

The CAC 40 in Paris and the FTSE MIB in Milan were both up 1.2 percent to 4,440.93 and to 16,402, respectively, while the DAX in Frankfurt rose 1.1 percent to 10,502.86. The FTSE 100 in London climbed 0.3 percent to 6,849.22.

The euro traded at $1.12, while the pound fetched $1.30 and the Swiss franc equaled $1.02 at 12:10 p.m. CET.

Retail and luxury stocks were mostly up, with the morning’s biggest risers including Adidas, 2.1 percent to 154.45 euros; Italia Independent Group, 2 percent to 5.10 euros, and Joules and J Sainsbury, both 1.7 percent to 2.04 pounds and 2.49 pounds, respectively.

Among the few stocks that fell were Zalando, 1.5 percent to 36.19 euros; Asos.com, 1.5 percent to 47.06 pounds, and Inditex, 1 percent to 32.37 euros, despite its first-half results outstripping analysts’ expectations. Koovs.com was also down 1 percent to 0.61 pounds.

Later on Wednesday, Fed chairman Janet Yellen will announce the bank’s latest decision on interest rates. Market analysts are expecting the bank to keep its historically low base rate on ice, at least until the end of the year.

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