European Shares Rise on Retail and Tech Boost
European shares saw a rise led by retailers such as Inditex and tech firms like SAP. Inditex's strong sales and Novo Nordisk's restructuring plans contributed to the positive outlook, with STOXX 600 up by 0.4%. Meanwhile, tech stocks benefited from Oracle's significant cloud order projections.
European shares climbed on Wednesday, buoyed by strong performances in the retail and tech sectors. The pan-European STOXX 600 rose 0.4% to reach 554.9 points as investors reacted to key corporate developments.
Retailers led the charge with a 2.2% rise, driven by a 6% boost in Inditex's shares. The fashion powerhouse reported accelerated sales, which overshadowed softer-than-expected second-quarter results. In the pharmaceutical sector, Novo Nordisk rose 2% following its announcement of job cuts as part of a restructuring plan aimed at saving $1.26 billion annually.
The tech sector also enjoyed a positive day, with SAP and ASML seeing gains of around 1%, spurred by Oracle's projection of over half a trillion dollars in cloud orders. This development sent Oracle's Frankfurt-listed shares soaring by 30%, contributing to the upbeat market sentiment.
(With inputs from agencies.)
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