European shares rose in early trading on Friday, underpinned by gains among financials stocks following a strong update from the region’s biggest insurer Allianz.
By 0811 GMT, the pan-European STOXX 600 index was up 0.1 per cent. Insurers and banks led sectoral gainers, helped by a surge in bond yields fuelled by hopes of massive fiscal stimulus from US President-elect Donald Trump.
Allianz rose 4 per cent after the German group posted a forecast-beating rise in third quarter net income and said US bond fund manager Pimco saw inflows for the first time in over three years.
Gains were capped by losses among healthcare stocks with the sector’s index down 0.8 per cent, as well as among heavyweight oil stocks, which fell on the back of worries over a supply overhang.