LONDON – European stock markets were on the upswing in mid-morning trading on Thursday, with the exception of the FTSE 100 in London, which was dented by a British High Court decision that could delay – or potentially scupper – Britain’s planned exit from the European Union.
The FTSE 100 dropped 0.4 percent to 6,815.77 following a decision by the High Court blocking Prime Minister Theresa May from triggering Article 50 of the Lisbon Treaty without a parliamentary vote. Enacting Article 50 officially begins the two-year exit process from the EU. May, who had planned to trigger Article 50 early next year, said she will appeal the decision in the Supreme Court, arguing the British people have already had their say, voting to leave the EU via the referendum in June.
Other markets were on the upswing, with Milan’s FTSE MIB rising 0.3 percent to 16,525.16, and the CAC 40 in Paris up 0.4 percent to 4,434.09. The DAX was broadly flat at 10,365.39.
The euro traded at $1.11, while the pound fetched $1.23 and the Swiss franc equaled $1.03 at 11:55 a.m. CET.
Retail and luxury stocks were mostly up, with the morning’s biggest risers including Marks and Spencer Group, 3.9 percent to 3.54 pounds; Zalando, 2.3 percent to 38.86 euros; J Sainsbury, 3.8 percent to 2.63 pounds; Debenhams, 2.5 percent to 0.55 pounds, and Beiersdorf, 4.1 percent to 81.53 euros, after the company raised its profit guidance for 2016.
Among the few stocks that lost ground were Adidas, down 8 percent to 134.90 euros, despite the company reporting a 15 percent uptick in third-quarter net profits and a 14 percent rise in group sales.