HOT OFF THE WIRE

SPAIN DAYBOOK: Zapatero in Parliament; Inditex Earnings

Prime Minister Jose Luis Rodriguez Zapatero answers questions in Parliament in a weekly session while Inditex SA (ITX), the owner of Zara, posted earnings that beat forecasts.

ECONOMY: *Zapatero and other ministers attend weekly question session in Parliament at 9 a.m. CET *Finance Minister Elena Salgado attends parliamentary committee meeting at 4 p.m.

EQUITIES *Inditex SA, the world’s largest clothing retailer, reported first-half earnings that exceeded analysts’ estimates as earnings before interest and tax rose to 914 million euros. *Petroleos Mexicanos, the Mexican state-owned company, is looking for strategic opportunities at a bargain price from Repsol YPF SA after forming an alliance with Spain’s Sacyr Vallehermoso SA (SYV), El Pais reported, citing an internal document today. *Iberdrola Energia do Brasil Ltda., the Brazilian unit of Iberdrola SA (IBE), said it has offered to buy shares of Elektro Eletricidade e Servicos SA from other shareholders after obtaining a controlling stake in the company, according to a statement to Brazil’s securities regulator. MARKETS: *The IBEX 35 Index rose 1.7 percent to 8,362 *The spread between Spanish and German 10-year borrowing costs widened to 358 basis points.

To contact the editor responsible for this story: Emma Ross-Thomas at erossthomas@bloomberg.net

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.