European equities head north

European equities head north

On Friday, European stocks tacked on, underpinned by revenues in the insurance sector reacting to an update from German heavyweight Allianz.

The STOXX 600 managed to gain 0.2% because stronger financial as well as materials equities assisted the pan-European index to bounce back having faced its greatest one-day tumble since the end of June in the previous session.

Allianz turned to be the greatest single boost to the STOXX, adding 1.3% and pushing Europe's insurance index SXIP up about 0.7%.

The German insurance company reported a 17% sag in net revenue and provided a bit less optimistic outlook for full year profits because a spate of natural catastrophes put pressure.

Market participants told that outcomes at Allianz that also unveiled a 2 billion euro share buyback initiative appeared to be in line with hopes.

Its revenues pushed the euro STOXX 50 0.2% up. However, the euro zone blue chip index found itself on track to report a weekly decline following 10 straight weeks of revenues.

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