Markets
Sky News Arabia – Abu Dhabi
08:32 – Jun 29, 2023European stocks
European shares rose, Thursday, supported by the rise of the Swedish clothing H & M after the company achieved stronger-than-expected profits, but statements related to tightening monetary policy from a number of senior central bank officials limited risk appetite.
And by 0704 GMT, the European Stoxx 600 index rose 0.1 percent, a day after a number of senior central bank officials, including Jerome Powell, Chairman of the US Federal Reserve, hinted at the need for more hikes in interest rates to curb inflation.
H&M shares jumped 7.3 percent, to the highest level in more than a year, after the world’s second-largest apparel retailer posted higher-than-expected quarterly operating profit, and the company said it expects strong sales in the third quarter as well.
H&M’s rise pushed the European retail sub-index up 1.1 percent, while the auto sector was the second highest riser.
Renault shares rose 4.2 percent after the French automaker raised its forecast for the full fiscal year.
European stocks
#H&M
2023-06-29 08:34:57
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