Retail gains nudge European stocks higher

Markets globally appeared to be in a holding pattern ahead of the U.S. Federal Reserve's policy announcement, with investors expecting somewhat rosier economic forecasts but a renewed pledge to keep interest rates low for as long as the U.S. economy needs to recover from a pandemic-driven downturn. London's blue-chip shares slipped 0.1%, dragged lower by banking shares. Inditex said it saw a 74% jump in online sales in the first half, pushing its shares 4.2% higher.

A fourth day of gains in retail stocks nudged European equities higher on Wednesday after Zara-owner Inditex returned to quarterly profit, but UK blue-chip stocks came under pressure after a surge in the previous session.

The pan-European STOXX 600 index inched 0.3% higher by 0717 GMT, extending a winning run this week. Markets globally appeared to be in a holding pattern ahead of the U.S. Federal Reserve's policy announcement, with investors expecting somewhat rosier economic forecasts but a renewed pledge to keep interest rates low for as long as the U.S. economy needs to recover from a pandemic-driven downturn.

London's blue-chip shares slipped 0.1%, dragged lower by banking shares. Inditex said it saw a 74% jump in online sales in the first half, pushing its shares 4.2% higher. The retail sector was up 1.4%.