(Reuters) – A fourth day of gains in retail stocks pushed European stocks higher on Wednesday after quarterly profits from Zara owner Inditex returned, but blue-chip UK stocks came under pressure after a surge during the previous session.
The pan-European STOXX 600 index .STOXX edged up 0.3% at 7:17 a.m. GMT, extending a winning run this week.
Global markets appeared to be on hold ahead of the U.S. Federal Reserve’s policy announcement, with investors expecting somewhat rosier economic forecasts, but a renewed commitment to keep interest rates low as long as the US economy will need to recover from a downturn due to a pandemic. .
London’s premier stocks .FTSE slipped 0.1%, dragged down by bank stocks.
Inditex ITX.MC said it saw a 74% jump in online sales in the first half of the year, pushing its shares up 4.2%. The retail sector .SXRP was up 1.4%.
Reporting by Sruthi Shankar in Bengaluru; edited by Uttaresh.V