LONDON — European stock markets made modest gains in midmorning trading on Friday, amid concerns over slowing luxury consumption in Mainland China.
The DAX in Frankfurt was up 0.9 percent to 10,151.57, followed by the FTSE 100 in London and Milan’s FTSE MIB, which were both up 0.8 percent, to 6,388.73 and to 22,386.50 respectively. The CAC 40 in Paris rose 0.7 percent to 4,705.96.
The euro traded at $1.14, while the pound fetched $1.55 and the Swiss franc equaled $1.05 at 12:00 noon CET.
Retail and luxury stocks were uneven, with many falling victim to slowing growth in China.
Hugo Boss was down 3 percent to 92.12 euros on the heels of a profit warning issued after markets closed Thursday night.
The German fashion giant pointed to sales declines in China, as well as retail and wholesale decline in the U.S., noting that year-end sales and profits would suffer.
In a similar vein, Burberry Group was down 2 percent following a downturn in same-store sales in its second quarter, due to the waning appetite of the Chinese consumer and Burberry’s retail over-exposure in that market.
French Connection was down 3.2 percent to 0.32 pounds; Kering 2.4 percent to 150.60 euros; Salvatore Ferragamo, 3.5 percent to 24.24 euros, and Safilo Group, 2.9 percent to 11.37.
Among the stocks that gained the most ground were Metro, 1.7 percent to 26.66 euros; Carrefour, 6.3 percent to 28.91 euros, and Zalando, 2.7 percent to 29.7 euros.