LONDON — European stock markets were on the upswing in mid-morning trading on Monday, led by Milan’s FTSE MIB, which climbed 1.2 percent to 23,429.90.
The CAC 40 in Paris and the FTSE 100 in London both rose 1.1 percent, to 5,091.03 and to 6,844.55 respectively, while the DAX in Frankfurt was up 0.9 percent to 12,077.47.
The euro traded at $1.08, while the pound fetched $1.48, and the Swiss franc equaled $1.03 at 11:50 a.m. CET.
Retail and luxury stocks were on the upswing, with the morning’s biggest gainers including Yoox Group, which on Tuesday revealed a merger with Net-a-Porter Group to create a fashion luxury e-commerce giant. Shares in the Italian stock were up 10.1 percent to 28.35 euros.
Other stocks on the rise were Asos.com, which climbed 9.1 percent to 39.60 pounds, despite a 10 percent drop in profit before tax to 18 million pounds in the first six months. First-half revenues were up 14 percent to 550.5 million pounds, outstripping analysts’ expectations.
While profits at Asos were dented by costs related to a warehouse fire in the previous financial year, overall spending was under control. Investec applauded Asos in a note on Wednesday, describing the e-tailer’s “disciplined marketing spend and improved performance in delivery and third party income.”
Koovs.com rose 4.4 percent to 1.18 pounds, Geox 3 percent to 3.71 euros; and Metro AG, 2.4 percent to 32.37 euros.