LONDON — European stock markets were uneven in late morning trading on Tuesday, while Burberry continued to gain ground after announcing Monday its new beauty license with Coty Inc.
The FTSE 100 in London was the only market to gain ground, climbing 0.5 percent to 7,315.69, while the FTSE MIB in Milan was down 0.2 percent to 20,203.81. The DAX in Frankfurt and the CAC 40 in Paris were both flat at 12,256.01 and at 5,089.35, respectively.
The euro traded at $1.07, while the pound fetched $1.25 and the Swiss franc equaled $1.00 at 1:10 p.m. CET.
Retail and luxury stocks were uneven, with the morning’s biggest gainers including Joules Group, 1.9 percent to 2.45 pounds; Zalando, 3.1 percent to 39.26 euros; MySale Group, 5.7 percent to 1.02 pounds, and Adidas, 1.1 percent to 177.70 euros.
Burberry continued its upward trajectory, climbing 0.7 percent to 17.49 pounds following the announcement Monday that it had changed tack, and returned to a licensing model for its beauty division. Under new agreement with Coty, it will see royalties start to arrive as of October. Burberry said it expects the agreement to be broadly neutral to adjusted profit before tax in the current fiscal year and accretive from full-year 2018-’19.
Among the morning’s biggest fallers were Mulberry Group, 3.9 percent to 10.52 pounds, and Koovs.com, 7.3 percent to 51 pence, after it reported that sales rose nearly 90 percent to 18.6 million pounds in the year to March 31.