Tech, insurance stocks lift STOXX 600 to over one-month high
For a Reuters live blog on U.S., UK and European stock markets, click LIVE/ or type LIVE/ in a news window
French consumer confidence for August in line with estimates
STOXX 600 up 0.2%
Ageas jumps after H1 results beat estimates
Updated at 0818 GMT
By Pranav Kashyap
Aug 28 (Reuters) -European shares toucheda more-than-one-month high on Wednesday, boosted by technology stocks ahead of Nvidia's results later in the day and as Ageas' better-than-expected results lifted insurance stocks.
The pan-European STOXX 600 index .STOXX rose 0.2% to 520.09 points. It hit its highest level since July 15 earlier in the session.
Technology stocks .SX8P were on investors' radar, advancing 0.5% and was thebiggest boost to the index. AI- darling Nvidia's NVDA.O second-quarter results are due after U.S. trading hours.
Traders in the U.S. equity options market expect the earnings report to spark a more than $300 billion swing in the chipmaker's shares. The sheer size and its position as an industry bellwether mean its earnings, can move the entire market.
The chipmaker's sales likely doubled in the second quarter andeven a slight miss might hurt sentiment.
Nvidia's performance serves as a crucial indicator of markettrends and can impact European companies, particularly those in the technology, automotive, and manufacturing sectors that rely on its semiconductors.
"There's no way to calm investors ahead of Nvidia's earnings because the expectations are just so lofty.. There's bound to be surprises either way," Thomas Gehlen, senior market strategist at SG Kleinwort Hambros said.
"It will cause short-termvolatility,".
On the data front, French consumer confidence for August was at 92, in line with estimates, helping lift the benchmark stock index .FCHI up 0.3%. Unemployment data is due at 1000 GMT.
Consumer price reports from Germany and Spain are scheduled forThursday, with a key inflation print for the Euro zone set to conclude the week.
The European Central Bank meets in two weeks to take a call on borrowing costs, and markets have fully priced in a 25-basis-point cut.
"It's more difficult for the ECB than the Fed to get the policy decisions perfectly right because of the dispersion in growth between economies," Gehlen added.
The insurance sector .SXIP gained 0.7%,the most among sectors, lifted by Ageas' AGES.BR 6.1%jump after the Belgium-based insurer's half-year net operating results beat expectations.
Basic resources .SXPP lost 0.8%after metals prices fell amid concerns about demand.MET/L
Among individual stock moves, Elekta EKTAb.ST jumped 9%, the most on the STOXX 600, after the Swedish radiation therapy equipment maker reported its first-quarter results.
LEG Immobilien LEGn.DE lost 1.8% 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 and Eileen Soreng
Related Assets
Latest News
Disclaimer: The XM Group entities provide execution-only service and access to our Online Trading Facility, permitting a person to view and/or use the content available on or via the website, is not intended to change or expand on this, nor does it change or expand on this. Such access and use are always subject to: (i) Terms and Conditions; (ii) Risk Warnings; and (iii) Full Disclaimer. Such content is therefore provided as no more than general information. Particularly, please be aware that the contents of our Online Trading Facility are neither a solicitation, nor an offer to enter any transactions on the financial markets. Trading on any financial market involves a significant level of risk to your capital.
All material published on our Online Trading Facility is intended for educational/informational purposes only, and does not contain – nor should it be considered as containing – financial, investment tax or trading advice and recommendations; or a record of our trading prices; or an offer of, or solicitation for, a transaction in any financial instruments; or unsolicited financial promotions to you.
Any third-party content, as well as content prepared by XM, such as: opinions, news, research, analyses, prices and other information or links to third-party sites contained on this website are provided on an “as-is” basis, as general market commentary, and do not constitute investment advice. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, it would be considered as marketing communication under the relevant laws and regulations. Please ensure that you have read and understood our Notification on Non-Independent Investment. Research and Risk Warning concerning the foregoing information, which can be accessed here.
