European Stocks Rise, U.K. Lags On Weak Insurers

(RTTNews) - European stocks were mostly higher on Wednesday, with U.K. shares lagging behind amid continued weakness in the insurance sector.

The Euro Stoxx 50 index of eurozone bluechip stocks gained 0.67 percent.

Coming off its worst daily performance since early March, the FTSE 100 of the UK fell another 0.30 percent. The German DAX rose 0.41 percent, and the French CAC 40 gained 0.43 percent.

Traders remained a bit cautious ahead of the minutes of the most recent Federal Reserve meeting. Markets could react negatively if the outlook for U.S. interest rate hikes is bumped up to early 2015.

Espirito Santo dropped 5.3 percent in Portugal after parent company Espirito Santo International SA delayed payment on short-term notes.

UK insurers struggled after a report showed U.K. prices for new-car insurance fell yet again. Admiral Group lost 3.3 percent and Aviva gave back 3.4 percent.

EasyJet rose 3.2 on a positive note from UBS.

In Frankfurt, Adidas lost 1.4 percent. The sportswear giant is said to be nearing a kit sponsorship deal with English football club Manchester United, outbidding rival Nike, Inc.

HeidelbergCement fell 1 percent. Goldman Sachs cut the stock to ''Neutral'' from ''Buy.''

Catering services firm Sodexo cut its full year revenue forecast. The stock declined 1.7 percent.

Seadrill rose 1.4 percent in Stockholm. The company decided to cancel a planned $1 billion 2019 maturity convertible bond issuance.