European shares edge higher as strong Allianz update buoys financials

Published 11-11-2016, 01:54 pm
Updated 11-11-2016, 02:00 pm
European shares edge higher as strong Allianz update buoys financials

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MILAN, Nov 11 (Reuters) - European shares rose in early trading on Friday, underpinned by gains among financials stocks following a strong update from the region's biggest insurer Allianz.

By 0811 GMT, the pan-European STOXX 600 .STOXX index was up 0.1 percent. Insurers .SXIP and banks .SX7P led sectoral gainers, helped by a surge in bond yields fuelled by hopes of massive fiscal stimulus from U.S. President-elect Donald Trump.

Allianz ALVG.DE rose 4 percent after the German group posted a forecast-beating rise in third quarter net income and said U.S. bond fund manager Pimco saw inflows for the first time in over three years. were capped by losses among healthcare stocks with the sector's index .SXDP down 0.8 percent, as well as among heavyweight oil stocks, which fell on the back of worries over a supply overhang.

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