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* Insurers among top sectoral gainers
* Aegon advances after raising full-year forecast
* Siemens posts first quarterly loss in 12 years
* Deutsche Telekom lifts annual outlook, shares rise
(Adds comments, updates prices throughout)
By Shreyashi Sanyal
Aug 11 (Reuters) - European shares edged higher on Thursday
after a strong rally in the previous session on signs of U.S.
inflation cooling, while Aegon climbed after the Dutch insurer
raised its full-year forecast.
The pan-European STOXX 600 index .STOXX rose 0.1%, after
clocking its best session in nearly two weeks on Wednesday on
bets that the softer-than-expected inflation reading will
encourage the Federal Reserve to become less aggressive on
interest rates hikes. urn:newsml:reuters.com:*:nL1N2ZL0KI
"The markets are riding higher on the fact that the peak has
been passed in terms of inflation in the United States," said
Sebastian Paris-Horvitz, head of research at La Banque Postale
Gains were limited by losses in miners .SXPP , down 0.7%
and the top sectoral decliner on weak results from Antofagasta
ANTO.L . The company's shares fell 1.3% and dragged peer Rio
Tinto RIO.L down 3.8%. urn:newsml:reuters.com:*:nL4N2ZN0WO
The STOXX 600 is down about 9% so far this year, compared
with a more than 11% decline for Wall Street's S&P 500 index
.SPX . U.S. equities are heavily dependent on moves in big
technology stocks, which fell sharply in the first half of the
year on worries over rising interest rates.
"The big decline in global markets in the first quarter was
associated with these big growth stocks in the U.S. falling, and
therefore Europe, which is less heavy on those, outperformed,"
Still, Europe is struggling with the fallout of the war in
Ukraine as it looks to source energy from non-Russian sources.
Germany, often referred to as the European Union's economic
engine, is also struggling with scant rainfall. Low water levels
on the Rhine, Germany's commercial artery, have disrupted
shipping and pushed freight costs up more than five-fold.
Among other stocks, Aegon AEGN.AS jumped to the top of the
STOXX 600 with an 8.2% gain after raising forecasts for
full-year operating capital generation and 2021-2023 free cash
The European insurance sector index .SXIP advanced 0.8% in
early trading, and was among the top gainers.
Zurich Insurance Group ZURN.S also added 1.7% as it
reported a better-than-expected rise in operating profit in the
first half. urn:newsml:reuters.com:*:nL8N2ZN0MP
Siemens SIEGn.DE dropped 1.5% after the engineering and
technology group said a writedown at Siemens Energy ENR1n.DE
resulted in its first quarterly loss in nearly 12 years.
Deutsche Telekom DTEGn.DE gained 0.9% as it lifted its
annual outlook for the second time and posted quarterly core
profit above estimates. urn:newsml:reuters.com:*:nL4N2ZM42S
(Reporting by Shreyashi Sanyal in Bengaluru; Editing by Sriraj
((Shreyashi.Sanyal@thomsonreuters.com; +1 646 223 8780; +91 961
144 3740; Twitter: https://twitter.com/s_shreyashi;))