LONDON — European stock markets were on the upswing in midmorning trading on Friday, with the FTSE MIB in Milan leading the rally.
The Italian market climbed 1.7 percent to 17,847.83; followed by the FTSE 100 in London, 1.5 percent to 6145.52, and the CAC 40 in Paris, 1.4 percent to 4,342.86. The DAX in Frankfurt was up 1.2 percent to 9,908.44.
The euro traded at $1.12, while the pound fetched $1.46 and the Swiss franc equaled $1.01 at 10:50 a.m. CET.
Retail and luxury stocks were mostly on the rise, with the exception of Compagnie Financière Richemont, which was down 1.7 percent to 60.55 Swiss francs after the company reported a rise in profits due to one-off gains and a troubled start to the current fiscal year.
Among the morning’s biggest risers were Geox, 2.2 percent to 2.85 euros; Burberry Group, 2.5 percent to 11.06 pounds; Luxottica Group, 2 percent to 49.87 euros; Asos.com, 2.4 percent to 34.57 pounds; Yoox Net-a-porter Group, 3.4 percent to 24.25 euros, and Kering, 1.9 percent to 144.65 euros.