European stocks ended Wednesday largely unchanged, as gains in technology shares offset sharp losses in financials. Inditex shares surged to a near one-year high, buoyed by a strong start to the winter sales season.
* The pan-European STOXX 600 index closed up 0.08% at 576.13 points, while Germany’s and France’s main regional indexes each slipped by 0.1%.
* Spain’s benchmark index stood out, rising 0.7%, propelled by an 8.9% jump in Inditex shares.
* The Zara owner beat expectations for the start of its fourth quarter, posting currency-adjusted sales growth of 10.6% in November–a period that included Black Friday weekend.
* Inditex led the STOXX 600 and lifted the broader retail sub-index by 3.5%. Seen by many as a global fast-fashion bellwether, Inditex offered an early glimpse into how retailers fared during the discount season.
* Euro zone business activity reached its highest level in two and a half years in November, as strength in services offset industrial weakness. The composite PMI rose from 52.5 to 52.8 points.
* Technology stocks extended their winning streak for a fourth consecutive session, rising 1.3%. Defense stocks gained 2.3% after Russia stated that the U.S.-led Ukraine peace plan still does not meet its demands.
(Reporting by Anastasiia Kozlova, Purvi Agarwal, and Tharuniyaa Lakshmi; Editing by Mrigank Dhaniwala, Alexandra Hudson)