Market Analysis

European shares reached their highest level in over a month on Wednesday, driven by gains in technology stocks ahead of Nvidia's (NASDAQ: NVDA) upcoming earnings report, and stronger-than-expected results from Ageas, which bolstered insurance stocks.

The pan-European STOXX 600 index rose 0.2% by 0715 GMT, reaching 519.86 points, its highest level since July 15.

Technology stocks advanced 0.4%, providing the biggest boost to the index, as investors anticipated Nvidia's second-quarter earnings, set to be released after U.S. markets close.

The insurance sector led the gains among sectors, rising 0.6%, driven by a 6% increase in Ageas shares after the Belgium-based insurer reported half-year net operating results that exceeded expectations.

Meanwhile, the basic resources sector declined by 0.6% following a drop in metal prices, influenced by weak economic data in major economies and concerns over demand. 

French consumer confidence for August matched estimates at 92, contributing to a 0.3% rise in the benchmark stock index. Unemployment data is expected at 1000 GMT.

In individual stock movements, Elekta soared 10.2%, marking the largest gain on the STOXX 600, after the Swedish radiation therapy equipment manufacturer announced its first-quarter results.

On the other hand, LEG Immobilien fell 3.3% after the German real estate company launched a 500 million euro convertible bond offering.

Paraphrasing text from "Reuters" all rights reserved by the original author.