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Europe open: Inditex provides a boost as investors await Fed

Wed 16 September 2020 08:53 | A A A

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6007.05 | Negative 42.87 (0.71%)
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(Sharecast News) - European shares were again in positive territory at the start of trade on Wednesday with Zara owner Inditex boosting sentiment after reporting a return to profits.

The pan-European STOXX 600 index was slightly higher, up 0.36% with all major bourses in the green apart from London's FTSE 100.

Investors are holding fire ahead of the US Federal Reserve's policy announcement later.

Inditex said it saw a 74% jump in first-half online sales. Shares in the company rose by more than 5%, taking the stock to the top of the gainers board.

Shares in Swedish fashion retailer H&M continued their positive run after reporting a stronger-than-expected recovery from the coronavirus lockdown.

German financial services firm Grenke saw its shares slump by almost 20% after the country's industry watchdog BaFin said on Tuesday it was looking into allegations of market manipulation following a critical report by a short-seller.

Grenke strongly rejected allegations made in the report by Fraser Perring of Viceroy Research.

"This report contains allegations which Grenke strongly rejects. A central accusation is that a substantial portion of the €1.078bn in cash and cash equivalents reported in the 2020 half-year financial report does not exist. This is demonstrably false."

UK house builders were also out of favour after Redrow reported a slump in full year profits due to Covid-related impairments on its London operations. Bellway and Taylor Wimpey were lower on the news.

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