Europe Markets: European stocks rise, lifted by retailers including Inditex, as investors await Fed decision
European stocks inched up on Wednesday, with retail stocks rising after Inditex SA results, as investors waited for the outcome of the Federal Reserve meeting later. U.S. stock futures also rose.
The Stoxx Europe 600 index SXXP,
U.S. stock futures ES00,
Investors are waiting for the outcome of the last Federal Open Market Committee meeting before the U.S. presidential election. That will come after the close of European markets.
Economists expect the Fed to signal interest rates will remain unchanged and close to zero through the end of 2023. The Fed will release 2023 economic forecasts for the first time.
Also grabbing attention, Snowflake SNOW,
The Bank of England’s Monetary Policy will meet Thursday. Data released Wednesday showed annual inflation slowing sharply in August, with consumer prices up 0.2% versus a 1% rise in July. Data released Tuesday showed 700,000 jobs have been lost in the U.K. since pandemic-induced lockdowns in March.
Read: U.K. employment picture worsens in August as payrolls fall, unemployment rate increases
The retail sector was leading gains, led by a 5% rise in shares of Inditex ITX,
Online sales rose 74% in the first half of the year, though the retailer swung to a net loss in that period. But the company said 98% of stores were now open.
Shares of rival H&M AB HM.B,
On the downside, shares of Grenke SE GLJ,
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, MarketWatch.com – Top Stories reports