Listen Live

Current Weather

Spanish stocks outperform as Inditex jumps


(Reuters) – Spanish stocks rose on Wednesday after Zara-owner Inditex’s strong quarterly showing, while its European peers lagged as luxury companies and miners dipped after weak China trade data.

The pan-European STOXX 600 index edged 0.2% lower, while Spain’s IBEX 35 index gained 0.6%, as of 0712 GMT.

Inditex rose nearly 4% after it said sales of its spring-summer collection jumped by 16% over the past month.

European retailers jumped 2.2%, leading sectoral gains, while miners shed 0.7%.

China’s exports shrank much faster than expected in May, while imports extended declines with a grim outlook for global demand, especially from developed markets.

China-exposed luxury giant and Europe’s most valuable firm LVMH fell 0.5%.

Worries also remained of further interest rate hikes by major central banks, including the European Central Bank and U.S. Federal Reserve next week, in the face of slowing economic growth.

(Reporting by Shreyashi Sanyal in Bengaluru; Editing by Sonia Cheema)

Brought to you by