European stocks fell, affected by the decline of insurance companies

European stocks fell on Wednesday, November 8, with shares of insurance companies and financial institutions taking the biggest hit as investors evaluated economic data and corporate profits.

The European STOXX 600 index fell 0.1% by 0815 GMT, reaching its lowest level in almost a week and heading for a decline for the third day in a row.

Insurance stocks led the sector’s losses and fell 1.2%, affected by a 6% drop in Swiss Life Holding’s shares.

Investors are awaiting the speech of Federal Reserve Chairman Jerome Powell to know expectations about interest rates, after some US Central Bank officials indicated the strength of the economy.

European Central Bank President Christine Lagarde is scheduled to speak later in the day as well.

The shares of the Ahold & Delhaize supermarket group fell 5.9% after reducing profit expectations for 2023 and pointing to weak profit margin in the United States. The shares of ABN Amro Bank also fell 7.5% after net interest income in the third quarter exceeded expectations.

But shares of Danish wind turbine manufacturer Vestas jumped 6.8 percent after profits and operating income in the third quarter were better than expected.