“It was a risk-off shift in the last three days,” Benno Galliker, a trader at Luzerner Kantonalbank AG in Lucerne, Switzerland, said. “It’s probably more a lowering of some positions into the summer. The Fed minutes could be very important. There are some rumors about some hawkish comments.”
British insurers led a gauge of European insurance companies lower after a report showed U.K. prices for new-car insurance fell for a record 10th quarter.
-- Source Europe Stocks Little Changed Before Fed as Espirito Santo Falls
I cannot fully grasp the meaning of the first bolded sentence.
Since lowering is a gerund here, why is it that "It’s probably more a lowering of some [financial] positions into the summer",
not "It’s probably more of a lowering of some positions into the summer",
or "It’s probably a more lowering of some positions into the summer",
or "It’s probably more than a lowering of some positions into the summer"?
Besides, does gauge metaphorically refer to a certain index for the European insurance industry here? Is lower here an adjective, acting as an object complement?