LIVE MARKETS-STOXX dips, retail eyes third worst day this year

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STOXX DIPS, RETAIL EYES THIRD WORST DAY THIS YEAR

The open in Europe was rather muted on Wednesday as traders sat on the sidelines before the U.S. releases its inflation report for November that will be eyed for clues on future moves at the Federal Reserve before next week's policy decision.

Action was concentrated on retail with Inditex's ITX.MC disappointing numbers sending shares in the Zara owner down over 5% in Madrid. Its European peers were also dragged lower and that combined to put a sectoral gauge .SXRP on course for its third steepest fall of 2024, down almost 3%.

Adding pressure was also a 6% drop in Zalando ZALG.DE after the online fashion retailer agreed a $1.2 billion takeover of smaller rival About You YOUG.DE, which popped up over 60%.

As a result of Inditex's drop, Spain's IBEX .STOXX blue chip equity benchmark fell 1%, lagging a smaller 0.2% fall for the broader region-wide STOXX 600 .STOXX index.

Here's your opening snapshot:

(Danilo Masoni)

EARLIER ON LIVE MARKETS:

EUROPE BEFORE THE BELL: AWAITING U.S. DATA CLICK HERE

PRICED FOR PERFECTION INTO CPI CLICK HERE