LONDON — European stock markets were on the upswing in midmorning trading on Wednesday, capping a difficult quarter marked by concerns over Chinese growth.
The CAC 40 in Paris led the rise, climbing 2.6 percent to 4,454.78, followed by the DAX in Frankfurt, 2.4 percent to 9,679.69, and the FTSE MIB in Milan, 2.2 percent to 21,176.33. The FTSE 100 in London was up 2 percent to 6,026.63.
The euro traded at $1.12, while the pound fetched $1.52, and the Swiss franc equaled $1.03 at 11:30 a.m. CET.
Retail and luxury stocks were also on the rise, with the morning’s biggest gainers including supermarket group J. Sainsbury, which rocketed 13 percent to 2.59 pounds after announcing that annual underlying pre-tax profit would outstrip forecasts on the back of stronger sales.
That increase helped to boost other supermarket stocks on the FTSE 100, including Tesco, which was up 4.6 percent to 1.79 pounds. In France, Carrefour SA climbed 3.8 percent to 26.22 euros, while Germany’s Metro AG gained 3.4 percent to 24.43 euros and Anglo-Dutch group Unilever, saw its stock surge 3.4 percent to 35.95 euros.
Other climbers included Hugo Boss, 2.3 percent to 99.38 euros, and Asos.com, 3.5 percent to 26.90 pounds.
Among the few stocks that dropped were Koovs.com, which fell 31 percent to 0.44 pounds; Boohoo.com, 3 percent to 0.32 pounds, and Gemfields, 1.6 percent to 0.56 pounds.