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.
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