Live Markets: Europe's insurers weak as Atlantic hurricane season kicks off

Hannover Rueck SE

02/07/2024 13:39

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      STOXX 600 down 0.9%, CAC 40 down 1.1%
    

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      Oil & gas stocks lead, insurers lag
    

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      Wall St futures lower
    

  
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    EUROPE'S INSURERS WEAK AS ATLANTIC HURRICANE SEASON KICKS OFF 
    The insurance sector is the biggest drag on European markets on Tuesday as an early start to
hurricane season adds to concerns about higher rates for the sector. 
    Hurricane Beryl strengthened into a category 5 storm as it moved across the eastern
Caribbean, bringing an unusually fierce and early start to this year's Atlantic hurricane
season.
    The storm struck the Caribbean region on Monday as the earliest Category 4 storm on record.
    "Beryl is now a potentially catastrophic Category 5 hurricane," the NHC said in a statement.
    That has weighed on the STOXX Europe 600 Insurance Index  .SXIP  on Tuesday, a trader in
London said. 
    Worst performers are Britain's Beazley, Swiss Re, Hannover Re and Munich Re, all down
between 4.4%-5.2%. 
    Higher interest rates were also weighing on the sector, the trader said, with yields jumping
on Monday across the globe.
    Germany's 10-year bond yield  DE10YT=RR  last stood at 2.6% after rising 12 basis points on
Monday, as a flight to safety before France's election partially reversed following the first
round of voting. 
    
    (Samuel Indyk)
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    TUESDAY'S OTHER LIVE MARKETS POSTS
        Q2 U.S. EARNINGS GROWTH TO RISE 'INTO THE TEENS' - DB 
    CLICK HERE
  
    INVESTOR POSITIONING IN EUROPE TURNS BEARISH CLICK HERE
    RBC GINGERLY LIFTS S&P 500 YEAR-END TARGET TO 5700 CLICK HERE
    THE PRICE IS RIGHT CLICK HERE
    CAGEY START FOR EUROPE CLICK HERE
    EUROPEAN EQUITY FUTURES RED CLICK HERE
    DECISION DAY FOR FAR RIGHT'S RIVALS CLICK HERE
    

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Vote share in first round results of France's parliamentary election    https://reut.rs/3RQuaXh
Euro perks back up after first round of French election    https://reut.rs/45OrcID
Europe    https://tmsnrt.rs/4cg4Imd
Citi flows    https://tmsnrt.rs/3VG9e6g
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