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<Europe>European Bourses Thrive in Early Trade; Zara's Parent, Stellantis Rally; Spanish Stocks Set New High
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European bourses ascended in early trading on Wednesday (3rd), with several semiconductor-related stocks thriving. Spanish stocks hit a record high on the ride of a surge in Inditex shares. The pan-European STOXX 600 added 1.18 points, or 0.2%, to 576.83. The UK FTSE 100 dipped 8 points, or less than 0.1%, to 9,693. The French CAC 40 gained 2 points to 8,076. The German DAX rose 67 points, or 0.3%, to 23,778. The Spanish IBEX 35 lifted 147 points, or 0.9%, to 16,621, having reached an intraday record high of 16,667. The Italian FTSE MIB mounted 168 points, or 0.4%, to 43,523. Inditex, the Spanish parent company of Zara, reported that its sales in the past month, adjusted for currency changes, hiked more than 10% YoY, and its share price soared 8.2%. German clothing brand Hugo Boss expected its EBIT to sink EUR300-350 million next year due to strategic adjustments, sending its shares lower by 11.7%. Automaker Stellantis rallied 7.6% after UBS upgraded it to Buy, citing a positive outlook on the North American market recovery. Chip stocks fared well, with Infineon and STMicroelectronics leaping 2.1% and 4.9% respectively, and ASML surging 2.8%. AAStocks Financial News |
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