Western European stocks are on the rise on Wednesday.
The composite index of the largest enterprises of the region Stoxx Europe 600 by 11:36 Moscow time rose by 0.33% and amounted to 372.19 points.
The British FTSE 100 indicator rose 0.01%, the German DAX – 0.19%, the French CAC 40 – 0.16%. Italy's FTSE MIB climbed 0.18%, while Spain's IBEX 35 gained 0.2%.
Traders' attention is focused on the meetings of the US Federal Reserve System (FRS), the Bank of Japan and the Bank of England.
The Federal Reserve will hold its first meeting on September 15-16 since the new long-term strategy was approved in late August. Experts believe that the US Central Bank will maintain a “pigeon” attitude, as the US economy, recovering from the crisis caused by the coronavirus pandemic, still needs support, writes Bloomberg.
Economists expect that the new Fed's strategy, which provides for a softer approach to monetary policy, will be reflected in concrete measures to support the economy, given that the prospects for the approval of the next batch of fiscal stimulus by the US authorities are increasingly dubious.
Statistics released Wednesday showed that consumer prices in the UK rose 0.2% in August 2020 from the same month last year, according to data from the country's National Statistical Office (ONS). This is the lowest figure since December 2015. Thus, inflation has slowed down compared to July 1%. Analysts, on average, expected zero price increases on an annualized basis, Trading Economics reported.
Retail prices (RPI) in August fell by 0.3% versus the previous month and increased by 0.5% in annual terms.
Producer prices in August fell by 0.9% on an annualized basis, as in July. Experts on average expected a 0.7% decline, according to Trading Economics. Producer prices remained unchanged from the previous month after rising 0.3% a month earlier. Experts forecast an increase in the indicator by 0.2%.
Spanish Inditex (MC: ITX) shares are up 6.5%. One of the world's largest apparel retailers returned to profit in the second quarter after losing a quarter earlier due to store closures due to the coronavirus pandemic. The company's online sales grew 74% in the first half of this year, but the retailer posted a net loss over that period.
The price of securities of the Swedish H&M AB, which yesterday reported on preliminary results for the third financial quarter and reported that its recovery after the recession caused by the coronavirus pandemic is doing better than expected, is increasing by 3.8%.
German sporting goods manufacturer Puma SE is up 2.5%.
Meanwhile, Grenke AG shares lost 19.4% in price, falling for the second day in a row after the publication of a study by Viceroy Research, which reported potential financial fraud by the German leasing company.