The pan-European STOXX 600 closed 0.08% higher at 576.13 points

European shares ended largely steady on Wednesday, aided by gains for technology that offset sharp declines in financials, while Inditex surged to a near one-year high on a strong start to the winter sales.

The pan-European STOXX 600 closed 0.08% higher at 576.13 points, while regional indexes in Germany and France dropped 0.1%, each.

Spain’s benchmark index was a standout, gaining 0.7%, lifted by an 8.9% jump in Inditex after the Zara owner beat estimates for the start of its fourth quarter, reporting currency-adjusted sales growth of 10.6% in November, a period that includes the key Black Friday weekend.

The stock topped the STOXX 600 and pushed the broader retail sub-index up 3.5%. Inditex, widely seen as a bellwether for global fast fashion, offered an early read on how retailers fared during the crucial discounting season and signalled a strong start to the company’s biggest revenue quarter.

The strength of the retail sector depends on Black Friday. But the fact that the November Eurozone PMI was revised upwards today for the composite index, that tells you that the industrial, the basic materials, etc. are benefiting from that sort of positive data, said Axel Rudolph, senior technical analyst at IG Group.

Euro zone business activity hit a 2.5-year high in November as services strength offset manufacturing weakness, with the composite PMI rising to 52.8 from 52.5. Services PMI jumped to 53.6, its highest since May 2023.

Basic Resources stocks climbed 2.6% and energy sub-index gained 0.6%.

Insurers and banks capped gains on the STOXX 600, dropping 1.4% and 0.9%, respectively, after a strong rally last week.

Among other stocks, German fashion group Hugo Boss dropped 9.9% after warning its sales would fall next year as it embarks on a strategic reset.