{"id":54732,"date":"2023-08-30T06:07:11","date_gmt":"2023-08-30T10:07:11","guid":{"rendered":"https:\/\/ifintechworld.com\/uncategorized\/european-shares-subdued-by-orsted-slide-insurers-rise\/"},"modified":"2023-08-30T06:07:13","modified_gmt":"2023-08-30T10:07:13","slug":"european-shares-subdued-by-orsted-slide-insurers-rise","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=54732","title":{"rendered":"European shares subdued by Orsted slide, insurers rise"},"content":{"rendered":"
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\u00a9 Reuters. FILE PHOTO: The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, August 14, 2023. REUTERS\/Staff\/File Photo<\/span>
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By Shashwat Chauhan<\/p>\n

(Reuters) – European shares struggled for direction on Wednesday as losses in utilities, led by Denmark’s Orsted (CSE:), kept a lid on gains, while insurers rose on positive results from Prudential. <\/p>\n

The pan-European held steady at 460.1 points, having touched a near three-week high moments after the opening bell.<\/p>\n

UK’s outpaced regional peers, rising 0.4% as Prudential climbed 3.8% after the Asia-focused insurer posted a higher first-half operating profit.<\/p>\n

European insurers, meanwhile, added 0.8%.<\/p>\n

Danish stocks lagged, falling 0.9% as Orsted slumped 20.1% after the world’s top offshore wind farm developer said it anticipates impairments of up to 5 billion Danish crowns ($729.78 million) on its U.S. portfolio.<\/p>\n

Shares of other wind energy firms like Siemens Energy and RWE fell 3% and 3.4%, respectively.<\/p>\n

The broader utilities sector lost 2.2% and could see its worst one-day percentage fall in nearly six months, if losses hold.<\/p>\n

Heavyweight energy stocks gained 0.2% as crude prices rose after industry data showed a large draw in crude inventories in the U.S., the world’s biggest fuel consumer. [O\/R]\n

The basic resources sector added 0.6%, hitting a three-week high.<\/p>\n

Euro zone bond yields rose after data from the German state of North Rhine-Westphalia (NRW) showed a rise in inflation, supporting expectations that the European Central Bank’s tightening cycle might not end soon. [GVD\/EUR]\n

Separately, preliminary data showed Spain’s consumer prices rose 2.6% year-on-year in August.<\/p>\n

“The ECB doesn’t have growth and it’s still got inflation that seems to be ticking back up,” said Patrick Armstrong, chief investment officer at Plurimi Wealth.<\/p>\n

“They almost certainly have to hike again this year because today’s inflation data shows there’s still more work to do.” <\/p>\n

European banks gained 0.9%, touching their highest level in nearly three weeks. <\/p>\n

was subdued ahead of August inflation data due later in the day. Also on the radar would be a euro zone consumer confidence print.<\/p>\n

Meanwhile, figures by fund manager Janus Henderson showed companies around the world are on track to pay investors a record $1.64 trillion in dividends this year. <\/p>\n

Among other individual stocks, Brunello Cucinelli gained 5.5% as the Italian luxury fashion brand lifted its full-year sales guidance for the third time this year. <\/p>\n

Direct Line Insurance Group rose 1.6% after the British motor and home insurer named Adam Winslow, a senior executive at Aviva <\/span><\/span> (LON:), as its new CEO. <\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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