LONDON – European stock markets were on the uptick in mid-morning trading on Tuesday, with the FTSE MIB in Milan leading the way.
The Italian market climbed 1.8 percent to 16,587.91, followed by the FTSE 100 in London, 1 percent to 6,845.23 and the CAC 40 in Paris, 0.8 percent to 4,566.65. The DAX in Frankfurt rose 0.6 percent to 10,746.86.
The euro traded at $1.06, while the pound fetched $1.24, and the Swiss franc equaled $0.99.
Retail and luxury stocks were mostly up, with the morning’s biggest gainers including Primark parent Associated British Foods, 2.2 percent to 26.32 pounds; Italia Independent Group, 2.2 percent to 3.28 euros; Bonmarche Holdings, 2.7 percent to 0.93 pounds; and Yoox Net-a-porter Group, 1.1 percent to 25.29 euros.
Among the few stocks that lost ground were Zalando, 1.8 percent to 35.53 euros; Joules Group, 1.7 percent to 1.73 pounds; Swatch Group, 3.4 percent to 55.70 Swiss francs, and Compagnie Financière Richemont, 2.4 percent to 64.30 Swiss francs.
Swatch and Richemont both suffered after the value of Swiss watch exports declined 16.4 percent in October. The Swiss watch federation had anticipated a recovery in the fourth quarter, but instead witnessed the biggest percentage decline so far this year.
The news comes as Richemont prepares to lay off up to 250 Swiss watch workers as demand for high-end timepieces continues to fall, especially in China and Hong Kong.