Insurers lift European shares ahead of key economic data

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By 0703 GMT, the pan-European STOXX 600 edged 0.1% higher after rising nearly 1% each in the previous two sessions.

European insurers added 0.7%, with Prudential climbing 2.7% after the Asia-focused insurer posted a higher first-half operating profit.

Shares of Direct Line Insurance Group rose 1% after the British motor and home insurer named Adam Winslow, a senior executive at Aviva (LON:AV), as its new CEO.

Heavyweight energy stocks gained 0.4%, tracking higher crude prices, while basic resources added nearly 1% in early trade. [O/R]

Germany’s DAX added 0.2% ahead of August inflation data due later in the day. Also on the radar would be Spain’s inflation data and a euro zone consumer confidence print.

Among other individual stocks, Orsted (CSE:ORSTED) slumped 11.8% after the world’s No. 1 offshore wind farm developer said it anticipates impairments of up to 5 billion Danish crowns ($729.78 million) on its U.S. portfolio.