LONDON — Europe’s stock markets were all on an upswing Tuesday morning.
The DAX in Frankfurt rose 2 percent to 11,823.65, while the CAC 40 in Paris was up 1.9 percent to 5,109.10. The FTSE MIB in Milan gained 1.4 percent to 23,526.77 and the FTSE 100 in London climbed 0.5 percent to 7,001.76.
The positive performance came as the U.K.’s Office for National Statistics said Tuesday that its consumer prices index fell by 0.1 percent in the year to April, the first time that the index has fallen year-on-year since records began in 1996. The ONS also said it’s the first time inflation has fallen over the year since 1960, based on comparable historic estimates. A fall in air and sea fares was the largest contributor to the drop, according to the ONS.
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The BBC reported that the U.K.’s chancellor George Osborne insisted that the fall was not “damaging deflation,” adding that the government remains “vigilant to deflationary risks and our system is well equipped to deal with them should they arise.”
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Most fashion, luxury and retail stocks were also on the rise. Among them were Burberry, 2.2 percent to 18.14 pounds; Richemont, 2.6 percent to 86.40 Swiss francs; LVMH Moët Hennessy Louis Vuitton, 3.3 percent to 165.35 euros; and Hugo Boss, 2.6 percent to 107.35 euros.
Unilever gained 2.4 percent to 39.20 euros as the consumer goods firm said Tuesday this its chief financial officer Jean-Marc Huët would step down from his role as of Oct. 1, and that Graeme Pitkethly will succeed Huët in the role. Pitkethly joined Unilever in 2002 and is currently executive vice president of the Unilever U.K. and Ireland business.
The few fallers numbered Koovs, 2 percent to 0.74 pounds; Prada, 0.7 percent to 43.75 Hong Kong dollars; and Esprit Holdings, 3.2 percent to 6.77 Hong Kong dollars.
The latter fell as Esprit said Monday that its expects to report a “substantial loss” for the year ending June.
At 11:24 a.m. CET, the pound traded for $1.57, while the euro went for $1.14. The Hong Kong dollar changed hands for $0.13 and the Swiss franc for $1.09.