European stocks close higher after U.S. inflation data comes in as expected; Zara owner Inditex falls 7%
European markets closed higher on Wednesday, as traders digested corporate updates and the latest U.S. inflation data.
The pan-European Stoxx 600 index provisionally closed 0.32% higher, rebounding after snapping an eight-session winning streak on Tuesday. Media stocks led the gains up 1.4%, while retail stocks fell 1.7%.
Spanish clothing giant Inditex dragged on the sector, ending the session 6.5% lower, after the Zara owner posted interim nine-month and quarterly results. The fashion retailer flagged that its revenues between Nov. 1 and to Dec. 9 jumped 9% from the same period of last year on a constant currency basis.
German online retailer Zalando, meanwhile, tumbled as much as 10% after it agreed to acquire the fashion group About You, before reversing losses. Shares closed 2.2% higher, jumping shortly before the market close.
Stateside, November’s consumer price index, which tracks a basket of goods and services, was in line with expectations. The reading showed a 0.3% rise from October and 2.7% increase from a year ago. Excluding volatile food and energy prices, core CPI increased 0.3% on the month and 3.3% on an annual basis.
It is thought November’s CPI reading should keep the Federal Reserve on track to cut interest rates at its December meeting next week.
Source: CNBC
