European stocks hit highest since July, driven by chemicals, insurance sectors
Date
8/29/2024 8:41:14 AM
(MENAFN) On Wednesday, European Stocks surged to their highest levels since July, buoyed by gains in the insurance and chemicals sectors as investors awaited Nvidia Corp.'s anticipated earnings report and key economic data. The chemicals sub-index led the market, climbing 1.4 percent to reach its peak in over two months, with notable gains in shares of Givaudan, Symrise AG, and Covestro, each rising more than 3 percent.
The pan-European Stoxx 600 index closed the day up 0.3 percent at 520.6 points, marking a significant boost. Covestro experienced its best performance in more than two months, while shares of Symrise and Covestro also contributed to a 0.5 percent rise in Germany's DAX, pushing it to its highest level since May. Additionally, the insurance sub-index added to the day's gains, increasing by 1.2 percent, spurred by a 3.9 percent rise in Belgium's Agias following its positive first-half net operating income results and a new share buyback program.
Looking ahead, Eurozone consumer confidence data is set to be released on Thursday, along with consumer price data from Germany and Spain. Investors are particularly focused on Friday's key eurozone inflation figures, which are expected to provide new insights into future monetary policy directions. Meanwhile, Europe's technology sector saw its earlier gains diminish, closing flat as the market anticipates Nvidia's second-quarter results, scheduled to be announced after the U.S. market close.
MENAFN29082024000045015682ID1108615282
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.