European stocks down on insurance, financial sector losses

European stocks fell on Wednesday, with shares of insurance companies and financial institutions taking the biggest hit as investors evaluated economic data and corporate profits.

According to Reuters, the European Stoxx 600 index fell 0.1% by 0815 GMT, reaching its lowest level in almost a week and heading to record a decline for the third day in a row.

Insurance company stocks led the sector’s losses and fell 1.2%, affected by a six percent drop in Swiss Life Holding’s shares.

Investors are awaiting a speech by Federal Reserve Chairman Jerome Powell to know expectations about interest rates after some US central bank officials indicated the strength of the economy.

European Central Bank President Christine Lagarde is scheduled to deliver a speech later on Wednesday as well.

The shares of the Ahold & Delhaize supermarket group fell 5.9% after reducing profit expectations for 2023 and pointing to a weak profit margin in the United States. The shares of ABN Amro Bank also fell 7.5% after it violated net interest income in the third quarter.

But shares of Danish wind turbine manufacturer Vestas jumped 6.8 percent after profits and operating income in the third quarter were better than expected.