LONDON – European stock markets made modest gains in midmorning trading on Tuesday, with Milan’s FTSE MIB leading the way.

The Italian market was up 1.2 percent to 16,561.98, followed by the CAC 40 in Paris and the DAX in Frankfurt, 0.7 percent to 4,419.34 and to 10,570.18 respectively. The FTSE 100 in London advanced 0.5 percent to 6,862.75.

The euro traded at $1.13, while the pound fetched $1.31, and the Swiss franc equaled $1.04 at 11:00 a.m. CET.

Retail and luxury stocks were also on the upswing, with the morning’s biggest gainers including Tesco, 3 percent to 1.64 pounds; Ted Baker, 2 percent to 26.35 pounds; Inditex, 2.3 percent to 31.86 euros, and, 4.1 percent to 0.63 pounds.

Among the few stocks that lost ground were Aeffe, 1.2 percent to 1.02 euros; Italia Independent Group, 1.1 percent to 5.55 euros; and Swatch Group, 0.9 percent to 52.50 Swiss francs, after the Federation of the Swiss Watch Industry said the value of exports fell 14.2 percent year-on-year in July.

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