LONDON — European stock markets rallied in mid-morning trading on Thursday, a day after the U.S. Federal Reserve raised interest rates.

The FTSE MIB in Milan was up 1.3 percent to 20,029.07, followed by the DAX in Frankfurt, 1.1 percent to 12,146.74, and the CAC 40 in Paris, 0.8 percent to 5,026.71. The FTSE 100 in London climbed 0.7 percent to 7,418.60.

The euro traded at $1.06, while the pound fetched $1.22 and the Swiss franc equaled $0.99 at 9:40 a.m. CET.

Retail and luxury stocks were also on the upswing, with the morning’s biggest gainers including Burberry Group, 1.1 percent to 18.04 pounds; Adidas AG, 1.8 percent to 182.75 euros; Aeffe, 1.6 percent to 1.39 euros; and Italia Independent Group, 1.3 percent to 4.38 euros.

Among the few stocks that lost ground were Mulberry Group, 2.1 percent to 10.80 pounds, and J. Sainsbury, 1.7 percent to 2.67 pounds, after the company said underlying sales fell by 0.5 percent in the first nine weeks of the year.

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