Insurers push EU equities higher after Hurricane Irma downgrade

Insurers push EU equities higher after Hurricane Irma downgrade

On Monday, European equities rallied in early deals, underpinned by insurers because the downgrade of Hurricane Irma in America lifted expectations that costs for the industry might be lower than initially anticipated.

Europe's insurance index turned to be the leading sectoral gainer, soaring 1.6% after the estimated insured drop in America resulting from Irma was reduced to $20-40 billion.

Among leading gainers in the sector one should mention German reinsurers Hannover Re as well as Munich Re, tacking on respectively 5% and 3.5%. Their revenues contributed to a broad-based soar, helping the pan-European STOXX 600 to gain 0.6%.

The top loser in Europe was Danish pharmaceuticals company Lundbeck. It went down 11% following the resignation of CEO Kåre Schultz.

Additionally, British heavyweight AstraZeneca rallied 3.1% after two of its drugs fighting lung cancer demonstrated impressive clinical results on Saturday.

 

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