European Insurers Propel Markets Amid Varied Earnings
European shares saw a boost as strong earnings reports from insurers like Admiral and Aviva overshadowed Adyen's forecast cut. The STOXX 600 rose, backed by positive earnings and easing U.S. monetary policy. While aerospace and defense stocks recovered, companies like Embracer and Thyssenkrupp faced downturns.
European shares surged to two-week highs on Thursday, bolstered by robust earnings performances from insurance giants such as Admiral and Aviva. This positive trend helped counterbalance a downturn in Dutch payment company Adyen, which saw a sharp drop after revising its annual revenue projections downward.
British insurer Admiral reached a record high, rising 5.8% due to a successful first-half profit, while Aviva soared 4.1%, marking its highest point since 2007 following an increase in its interim dividend spurred by strong half-year earnings. Similarly, Swiss Re edged up 0.9% subsequent to reporting a better-than-anticipated first-half net profit.
Conversely, the fall of Adyen by 17.5% was attributed to revised revenue expectations, affected by U.S. tariffs and market volume slowdowns. Notably, most European markets registered gains, except Britain's FTSE, impeded by several ex-dividend trades. Meanwhile, sector-wise, aerospace and defense stocks posted gains, recovering from previous pressures.
(With inputs from agencies.)
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