Spanish stocks outperform as Inditex jumps

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

The pan-European index edged 0.2% lower, while Spain’s 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.