PriyaPatel
TLDR:
- European shares hit over one-month high boosted by tech and insurance stocks.
- STOXX 600 index gained 0.2% to 519.86 points, highest 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% 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. Basic resources lost 0.6% after metals prices fell as weak economic data in major economies and concerns about demand weighed on prices. Data showed French consumer confidence for August was at 92, in line with estimates, helping lift the benchmark stock index up 0.3%. Unemployment data is due at 1000 GMT. Among individual stock moves, Elekta surged 10.2%, the most on the STOXX 600, after the Swedish radiation therapy equipment maker reported its first-quarter results. LEG Immobilien lost 3.3% after the German real estate firm launched a 500 million euro convertible bond offering.
(Reporting by Pranav Kashyap in Bengaluru; Editing by Savio D’Souza)
