Spanish stocks outperform as Inditex jumps
2023.06.07 04:09
© Reuters. FILE PHOTO: The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, June 5, 2023. REUTERS/Staff
(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.
