European Shares Soar: Technology and Insurance Sectors Lead Gains

European shares reached a new high on Wednesday, driven by gains in technology and insurance stocks. Nvidia's upcoming results boosted tech stocks, while better-than-expected results from Ageas lifted the insurance sector. Basic resources faced losses, and key stocks like Elekta surged while LEG Immobilien dipped.

European shares hit a more-than-one-month high on Wednesday, propelled by gains in technology stocks ahead of Nvidia's results and strong earnings from Ageas that lifted insurance stocks.

The pan-European STOXX 600 index climbed 0.2% by 0715 GMT to reach 519.86 points, its highest level since July 15. Technology stocks saw a notable increase of 0.4%, spearheading the index's rise in anticipation of Nvidia's second-quarter results, expected after U.S. trading hours.

The insurance sector posted a 0.6% gain, the highest among all sectors, following a 6% surge in Ageas shares after the Belgium-based insurer's half-year net operating results surpassed expectations. Conversely, the basic resources sector declined by 0.6% as metal prices dropped due to weak economic data and demand concerns in major economies.

French consumer confidence for August stood at 92, meeting estimates and contributing to a 0.3% rise in the benchmark stock index. Unemployment data is awaited at 1000 GMT. In specific stock movements, Swedish radiation therapy equipment maker Elekta saw a substantial 10.2% surge following its first-quarter results, while German real estate firm LEG Immobilien fell by 3.3% after announcing a €500 million convertible bond offering.

(With inputs from agencies.)