Europe Movers: Hannover Re, Lufthansa, Swiss Re

Bridgette Randall
12 Sep, 2022
Frankfurt

European markets advanced after investors looked beyond the deepening energy crisis and the hawkish tone of policymakers as the euro rebounded to a 3-week high. 

Resource stocks gained after the dollar weakness lifted the euro and energy prices. 

The euro resumed its advance after the European Central Bank lifted its key lending rate by 75 basis points last week. 

The DAX index jumped 2.3% to 13,389.14, the CAC-40 index 1.99% to 6,335.03, and the FTSE 100 index jumped 1.6% to 7,458.21. 

The Swiss benchmark SMI index ended closed up 109.92 points or 1.02% at 10,900.24.

The euro inched higher to a 3-week high to $1.01 and the British pound edged up to $1.17. 

In trading, financial services, tech and resource stocks led the gainers. 

Swiss Re AG gained 2.4% to 83.36 Swiss francs after the reinsurer estimated a rising demand for its insurance products and services in the remainder of the year. 

Hannover Re added 3.0% to 162.90 euros after the company said insurance rates are expected rise again next year following the latest bout of inflation, coronavirus pandemic and elevated loss trends. 

Anglo American, Antofagasta, BHP Group and Glencore jumped between 2% and 4% after oil and commodities prices advanced. 

Brent crude oil rose 2.2% to $94.96 a barrel and TTF natural gas price fell to a 4-week low after falling 6% to 194.60 euros for a megawatt hour. 

Deutsche Lufthansa AG increased 1.8% to 6.40 euros and the state controlled airline agreed with the pilot's union to lift pilots salaries for passenger and cargo services. 

In Paris trading, Alstom, Arcelor Mittal and Airbus gained between 2% and 3.5%. 

In Frankfurt trading, Allianz, Daimler Truck and Volkswagen Group gained between 3% and 4%. 

In Zurich trading, Richemont, Credit Suisse and Logitech advanced between 3% and 5%. 

UBS Group, Swiss Life and Nestle increased between 1% and 2%.