Retail gains nudge European stocks higher

(Reuters) – A fourth day of gains in retail stocks nudged European equities higher on Wednesday after Zara-owner Inditex returned to quarterly profit, but UK blue-chip stocks came under pressure after a surge in the previous session.

The pan-European STOXX 600 index <.stoxx> inched 0.3% higher by 0717 GMT, extending a winning run this week.

Markets globally appeared to be in a holding pattern ahead of the U.S. Federal Reserve’s policy announcement, with investors expecting somewhat rosier economic forecasts but a renewed pledge to keep interest rates low for as long as the U.S. economy needs to recover from a pandemic-driven downturn.

London’s blue-chip shares <.ftse> slipped 0.1%, dragged lower by banking shares.

Inditex said it saw a 74% jump in online sales in the first half, pushing its shares 4.2% higher. The retail sector <.sxrp> was up 1.4%.

(Reporting by Sruthi Shankar in Bengaluru; editing by Uttaresh.V)