Insurers, financial cos weigh on European shares

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German share price index DAX graph is pictured at the stock exchange in Frankfurt

The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, October 26, 2023. REUTERS/Staff/File photo Acquire Licensing Rights

Nov 8 (Reuters) – European shares dropped on Wednesday, with insurance and financial stocks taking the biggest hit, as investors assessed economic data and corporate earnings ahead of the remarks from major central bank chiefs during the day.

The pan-European STOXX 600 (.STOXX) lost 0.1% at 0815 GMT, hitting a near one-week low, on track for three-day decline.

Insurance stocks (.SXIP) led sectoral declines, falling 1.2%, dragged by a 6% loss in Swiss Life Holding AG (SLHN.S) following a weak? results.

Investors awaited comments from the U.S. Federal Reserve Chair Jerome Powell for more clarity on the outlook for rates after some central bank officials noted the resilience of the economy.

ECB President Christine Lagarde is also set to take the stage later in the day.

Supermarket group Ahold Delhaize (AD.AS) dropped 5.9% after trimming its 2023 earnings forecast and flagging margin weakness in the U.S., while ABN Amro (ABNd.AS) shed 7.5% after its third-quarter net interest income missed expectations.

Danish wind turbine maker Vestas (VWS.CO) jumped 6.8% following better-than-expected third-quarter operating profits and revenue.

Reporting by Ankika Biswas in Bengaluru; Editing by Dhanya Ann Thoppil

Our Standards: The Thomson Reuters Trust Principles.

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