European shares edge higher as H&M shines
29/06/2023 08:15
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June 29 (Reuters) - European shares edged higher on
Thursday, lifted by H&M after the Swedish retailer posted a
stronger-than-expected profit, although hawkish remarks from a
slew of top central bankers kept a lid on risk sentiment.
The pan-European STOXX 600 index .STOXX was up 0.1% by
0704 GMT, a day after top central bankers, including U.S.
Federal Reserve Chairman Jerome Powell, signalled further policy
tightening was required to tame inflation.
Shares of H&M HMb.ST climbed 7.3% to an over one-year high
after the world's second-biggest fashion retailer topped
expectations for quarterly operating profit and said its
third-quarter sales were also off to a good start.
The move pushed Europe's retail sector .SXRP 1.1% higher,
while automakers .SXAP were the second-biggest sectoral
gainers.
Renault RENA.PA advanced 4.2% after the French carmaker
raised its full-year financial outlook following the success of
its recent launches.
Meanwhile, preliminary data showed Spain's consumer prices
in June rose 1.9% year-on-year, a hair's breadth from the 2%
threshold for the first time since March 2021.
(Reporting by Amruta Khandekar; Editing by Sherry
Jacob-Phillips)
((Amruta.Khandekar@thomsonreuters.com;))