LONDON – Europe’s major markets were on the upswing in early afternoon trading on Monday, with the FTSE MIB in Milan leading the way.
The Italian market rose 0.6 percent to 21,566.98, followed by the FTSE 100 in London and the DAX in Frankfurt, both of which were up 0.2 percent to 7,385.91 and 12,184.24, respectively. The CAC 40 in Paris edged up 0.1 percent to 5,134.01.
The euro traded at $1.18, while the pound fetched $1.31 and the Swiss franc equaled $1.03 at 1:10 p.m. CET.
Retail and luxury stocks were uneven, with the morning’s biggest risers including Geox, up 5.3 percent to 3.40 euros; Aeffe, 1.2 percent to 1.74 euros; and Beiersdorf, 1.3 percent to 92.98 euros.
Among the stocks that fell the most was French Connection Group, down 2 percent to 0.42 pounds after Mike Ashley of Sports Direct upped his stake in the troubled company to 27 percent late last week. Under U.K. trading regulations, he will have to make a formal takeover offer to shareholders if the stake exceeds 30 percent.
Luxottica was down 1.6 percent to 49.72 euros, followed by Asos.com, 1.3 percent to 57.64 pounds, and Essilor, 2.3 percent to 109 euros.