European stocks rise with support from insurance companies

European stocks rose at the open on Wednesday after positive results from Prudential Insurance supported the sector index, while investors awaited more important data to assess the strength of the economy in the region.

By 0703 GMT, the European STOXX 600 index rose 0.1 percent after rising about 1 percent in the previous two sessions.

The European insurance companies index rose 0.7 percent, and Prudential shares jumped 2.7 percent after the insurance company, which focuses its business on Asia, recorded higher operating profits in the first half of the year.

Direct Line Insurance shares rose 1 percent.

The leading energy stocks index rose 0.4 percent, benefiting from the rise in crude oil prices, while the basic resources index rose by about 1 percent in early transactions.

Germany’s DAX index rose 0.2 percent ahead of the announcement of inflation data for August later on Wednesday.

On the other hand, Ørsted’s shares fell 11.8 percent after the largest global company for offshore wind farms announced that it expects impairment charges to reach five billion Danish kroner ($729.78 million) in its business portfolio in the United States.