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European equities advanced on Wednesday, reversing earlier losses as investor sentiment improved on the back of rate-cut expectations in the US and a slightly more constructive political tone in France.
Retailers led gains, with Inditex jumping over 6% after posting a strong start to its autumn sales campaign. The upbeat figures suggested a recovery in consumer momentum despite what the company described as a “complex market environment.” Novo Nordisk also contributed to the positive tone, climbing after announcing a major restructuring plan involving 9,000 job cuts. The company framed the move as a proactive shift to defend its market position in an increasingly competitive weight-loss sector.
Meanwhile, SAP benefited from a sector-wide uplift in cloud-related names, following Oracle’s upgraded revenue guidance. Airbus also posted gains as management noted improvements in aircraft delivery flows, despite continued engine supply constraints.
On the macro front, signs of compromise within French politics offered some relief after recent tensions. Attention now turns to Thursday’s European Central Bank decision, where rates are widely expected to remain unchanged. However, any dovish shift in forward guidance could support equity markets. In parallel, investors will closely monitor US inflation data for clues on the Federal Reserve’s September move, as rate-cut bets remain a key market driver.
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