European stocks steady ahead of economic data release, H&M shares jump 12%

European stocks opened stable on Wednesday after closing at an unprecedented high level in the previous session, as investors await more economic data scheduled for release this week, while H&M shares jumped thanks to positive quarterly results.

By 0816 GMT, the European STOXX 600 index settled at 511.07 points, hovering near the record high level recorded on Tuesday.

The index of shares of oil and gas companies was the largest decliner on the index, falling by 0.7%, reflecting the weakness of oil prices with the rise in US crude inventories.

Shares of the two giant oil companies, Shell and BP, fell 0.8% and 1%, respectively.

The index was also affected by the decline in the shares of the Swedish software company Fortnox, which fell 9.6%.

H&M shares led the gainers and jumped 12%, after the second largest fashion retailer in the world exceeded expectations for the first quarter of the year regarding operating profits.

The market’s focus will now turn to Eurozone consumer and economic confidence data for March later on Wednesday, ahead of US personal spending consumption data on Friday for further indication of the path of interest rates from the Federal Reserve (US central bank). ).

DS Smith shares jumped 7.3% after the British paper and packaging company said it was in talks with International Paper (NYSE:IP) regarding a share exchange offer between the two companies worth 5.72 billion pounds ($7.22 billion).