European Stocks Rise Supported by Insurance Companies Ahead of Important Economic Data

European stocks opened higher on Wednesday after positive results from Prudential Insurance bolstered the sector index, as investors await more key data to assess the robustness of the economy in the region. By 07:03 GMT, the Stoxx 600 index had risen by 0.1% following a roughly 1% increase in the previous two sessions. The European insurance index climbed by 0.7%, and Prudential's share jumped by 2.7% after the Asia-focused insurer reported higher operating profits in the first half of the year. Direct Line Insurance's share also increased by 1%. The leading energy index rose by 0.4%, benefiting from the rise in crude oil prices, while the basic resources index gained about 1% in early trading. The German DAX index was up by 0.2% ahead of the inflation data for August set to be released later today. On the other hand, Orsted's share plummeted by 11.8% after the world's largest offshore wind farm company announced it expects impairment provisions of 5 billion Danish kroner ($729.78 million) in its U.S. business portfolio.