European stocks higher after U.S. inflation data comes in as expected; Zara owner Inditex falls 6%

European markets were higher on Wednesday, as traders digested corporate updates and the latest U.S. inflation data.

The pan-European Stoxx 600 index traded 0.3% higher at 2 p.m. London time, with most sectors pointing in positive territory. Media stocks led the gains, up 1.5%, while retail stocks fell 2.3%.

Shares of Spanish clothing giant Inditex fell 6% after the Zara owner posted interim nine-month and quarterly results. The fashion retailer flagged that its revenues between Nov. 1 and to Dec. 9 jumped 9% from the same period of last year on a constant currency basis.

German online retailer Zalando, meanwhile, tumbled as much as 10% after it agreed to acquire the fashion group About You, before reversing losses. Zalando was last seen trading 0.8% higher.

Stateside, November’s consumer price index, which tracks a basket of goods and services, was in line with expectations. The reading showed a 0.3% rise from October and 2.7% increase from a year ago. Excluding volatile food and energy prices, core CPI increased 0.3% on the month and 3.3% on an annual basis.

It is thought November’s CPI reading should keep the Federal Reserve on track to cut interest rates at its December meeting next week.

Asia-Pacific markets were mixed Wednesday, after major Wall Street benchmarks declined Tuesday ahead of the data, while U.S. stocks were higher at the open.