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European stocks flat as focus shifts to c.bank meetings, H&M surges

Published 09/15/2020, 03:38 PM
Updated 09/15/2020, 03:40 PM
© Reuters.
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PEUP
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(For a live blog on European stocks, type LIVE/ in an Eikon
news window)
Sept 15 (Reuters) - European stocks struggled for direction
on Tuesday, with banking shares declining ahead of the U.S. and
UK central bank meetings this week, while Sweden's H&M surged
after reporting a better-than-expected profit.
The pan-European STOXX 600 index .STOXX rose just 0.1% by
0723 GMT, with retailers .SXRP , miners .SXPP and travel
stocks .SXTP leading the gains.
The world's second-biggest fashion retailer HMb.ST surged
12% after its preliminary quarterly profit was better than
expected and it signalled a better recovery from the pandemic's
impact, boosting other retail stocks. Fiat Chrysler FCHA.MI rose 6% and Peugeot maker PSA
PEUP.PA slipped 1% after the carmakers restructured the terms
of their planned merger to conserve cash. Asian shares rose after data showed China's industrial
output accelerated the most in eight months in August, while
retail sales grew for the first time this year, suggesting its
economic recovery was gathering pace. MKTS/GLOB

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