PriyaPatel
TLDR:
European shares reached a one-month high, driven by tech and insurance stocks. The STOXX 600 index rose 0.2%, with tech stocks leading the way. Insurance sector saw a 0.6% increase, with Ageas’s positive results boosting the sector. Basic resources declined, and French consumer confidence data lifted the benchmark stock index.
Key Points:
- European shares hit a one-month high, led by tech and insurance stocks.
- STOXX 600 index rose 0.2% to its highest level since July 15.
European shares hit a more-than-one-month high on Wednesday, boosted by technology stocks ahead of Nvidia’s results later in the day and as Ageas’s better-than-expected results lifted insurance stocks. The pan-European STOXX 600 index gained 0.2% by 0715 GMT, to 519.86 points, its highest since July 15. Tech stocks rose 0.4% and were the biggest boost to the index, ahead of Nvidia’s second-quarter results due after U.S. trading hours. The insurance sector gained 0.6%, the most among sectors, lifted by Ageas’s 6% jump after the Belgium-based insurer’s half-year net operating results beat expectations.
Data showed French consumer confidence for August was at 92, in line with estimates, helping lift the benchmark stock index up 0.3%. Basic resources lost 0.6% after metals prices fell as weak economic data in major economies and concerns about demand weighed on prices. Individual stock moves included Elekta surging 10.2% after reporting its first-quarter results, while LEG Immobilien lost 3.3% following a convertible bond offering.
Overall, the positive performance of tech and insurance stocks drove the STOXX 600 index to a one-month high, with French consumer confidence data further supporting the market.
