European stocks rose, Thursday, as the share of the retail company “H&M” rose, supported by recording quarterly sales that exceeded expectations, but the gains were affected by economic data from America and Europe, and hints of a tendency for monetary tightening from officials in major central banks.
Preliminary data showed that consumer prices in Spain rose 1.9 percent year-on-year in June, the slowest rise since March 2021.
This makes Spain the first of the largest economies in the eurozone to record inflation below 2 percent.
On the other hand, the data showed that inflation in Germany rose more than expected in June, which contradicts the successive decline it has taken since the beginning of the year, while economic analysts say it may constitute a crisis.
In the United States, data for the third and final reading issued by the Bureau of Economic Analysis of the US Department of Commerce revealed that GDP grew by 2.0 percent during the first quarter of this year, in line with expectations, compared to the second reading, which was at 1.3 percent.
price movements
The pan-European Stoxx 600 index closed 0.1 percent higher.
However, the German DAX index declined by 0.01 percent, compared to a rise in the French CAC40 index by 0.36 percent, and the Spanish IBEX 35 index rose 0.31 percent.
H&M shares jumped 18.2 percent, hitting their highest level in a year, and topped the Stockholm stock index, after the second-largest fashion retailer beat earnings forecasts in the second quarter of the year.
This pushed the European retail sector up 1.8 percent.
2023-06-29 23:13:00
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