November 11, 2016 / 8:27 AM / in 2 years

European shares edge higher as strong Allianz update buoys financials

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MILAN, Nov 11 (Reuters) - 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 percent. Insurers and banks led sectoral gainers, helped by a surge in bond yields fuelled by hopes of massive fiscal stimulus from U.S. President-elect Donald Trump.

Allianz rose 4 percent after the German group posted a forecast-beating rise in third quarter net income and said U.S. 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 percent, as well as among heavyweight oil stocks, which fell on the back of worries over a supply overhang. (Reporting by Danilo Masoni, editing by Kit Rees)

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