(MENAFN) European stocks began trading on Wednesday with stability following a record-high close in the previous session. Investors are eagerly anticipating the release of more economic data scheduled for later this week. Notably, shares of H&M surged thanks to upbeat quarterly results, adding momentum to the market.
As of 08:16 GMT, the European Stoxx 600 index settled at 511.07 points, maintaining proximity to the unprecedented high level reached on Tuesday. However, the index of oil and gas companies experienced the most significant decline, dropping by 0.7 percent due to weakened oil prices amid increased US crude inventories. Notably, shares of industry giants Shell and BP dipped by 0.8 percent and 1 percent, respectively.
Additionally, the European market witnessed a notable decline in shares of the Swedish software company "Fortnox," which experienced a 9.6 percent decrease. Conversely, H&M shares emerged as the top performers, surging by 12 percent. The positive momentum came after the world's second-largest fashion retailer surpassed expectations for its first-quarter operating profits.
Overall, the European stock market demonstrated resilience amid the anticipation of forthcoming economic data releases, with H&M's robust performance adding buoyancy to investor sentiment.
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