Europe close: Stocks end mostly higher
By Alexander Bueso
Date: Thursday 29 Jun 2023
(Sharecast News) - European shares were mostly higher despite the release of data showing stubborn inflation in Germany and Spain.
The pan-European Stoxx 600 was up 0.13% to 456.64 with most of the region's bourses higher.
Nevertheless, whereas the FTSE Mib added 0.99% to 27,911.03, the Dax ended the day nearly unchanged at 15,946.72.
Another batch of stronger-than-expected economic data in the US fed into expectations of sticky inflation.
Against that backdrop, the yield on the benchmark two-year German government debt rose by nine basis points to 3.2%.
In equity news H&M shares surged 18% after the Swedish fashion retailer posted stronger-than-expected profits for the March to May period, and said third-quarter sales had also started well.
Shares in UK and French retailer B&M fell despite reporting higher first-quarter sales.
Serco shares jumped 9% after the outsourcer forecast annual revenues £200m higher than originally expected to at least £4.8bn.
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