LONDON – Europe’s major markets were on the upswing in late morning trading on Thursday, with the DAX in Frankfurt leading the way.

The German market was up 0.3 percent to 12,697.44, followed by the CAC 40 in Paris, 0.2 percent to 5,290.30. The FTSE 100 in London was up 0.1 percent to 7,318.34 while the FTSE MIB in Milan was flat at 22,619.63.

The euro traded at $1.18, while the pound fetched $1.34, and the Swiss franc equaled $1.03 at 12:25 p.m. CET.

Retail and luxury stocks were mostly down, with the morning’s biggest fallers including, 22.5 percent to 0.40 pounds, Hennes and Mauritz, 5.2 percent to 210.80 Swedish kronor, or $25.87, and, 10.1 percent to 1.96 pounds.

At H&M, third-quarter profits slid 20 percent, while earlier this week downgraded full-year guidance to an EBITDA, or earnings before interest, taxes, depreciation and amortization, margin of 9 to 10 percent down from 10 percent.

Among the few stocks to gain substantial ground were Superdry parent SuperGroup, 1.7 percent to 16.85 pounds; Gemfields, 2 percent to 0.32 pounds; and Moncler, 1.4 percent to 24.43 euros.

Click Here for the WWD Global Stock Tracker >>