LONDON — Europe’s markets were on the uptick in midmorning trading on Wednesday, with the exception of the DAX in Frankfurt, which fell 0.1 percent to 12,673.97.
The FTSE MIB in Milan led the upswing, climbing 0.5 percent to 20,868.19; followed by the CAC 40 in Paris, which rose 0.3 percent to 5,283.64, and the FTSE 100 in London, 0.2 percent to 7,536.84.
The euro traded at $1.13, while the pound fetched $1.29 at 10:30 a.m. CET.
Retail and luxury stocks were uneven, with the morning’s biggest gainers including Burberry Group, 0.7 percent to 17.55 pounds. The advance came after the company proposed slashing bonuses and other perks in its latest annual report.
In the report, which was published earlier this week, Burberry proposed reducing bonus percentage increases, relocation benefits, pension contributions and “sign-on” perks for executive directors.
The proposal, which will be put to shareholders at the annual general meeting next month, dovetails with Burberry’s ongoing cost-savings and restructuring plan and, if approved, will close the chapter on the generous schemes that Burberry executives enjoyed in during the company’s boom years under former chief executive officer Angela Ahrendts.
The policy is also in line with last year’s trend: As reported, in the year to March 31, 2016, Burberry’s chief creative and ceo Christopher Bailey received his base salary of 1.1 million pounds, or $1.7 million at average exchange, but collected no bonus and no share plan awards as the company struggled to adjust to the changing patterns of luxury consumption.
According to the annual report, Bailey received the exact same salary this year and also waived his right to an annual bonus for fiscal 2016-17, given the company’s performance and management changes. Bailey, however, will receive an exceptional awards package when some of his shares vest in July.
Among the other stocks to gain ground were Hugo Boss, 1 percent to 66.90 euros; Carrefour, 1.1 percent to 23.31 euros; Moncler, 1.3 percent to 21.17 euros, and Safilo Group, 1.9 percent to 6.89 euros.
Among the stocks to lose the most were Koovs.com, 1 percent to 0.37 pounds; Gemfields, 2.8 percent to 0.35 pounds, and Asos.com, 1.3 percent to 61.78 pounds.