07:45 AM EDT, 09/23/2022 (MT Newswires) -- European bourses were slumping lower midday Friday, as traders weighed tighter global central banks' monetary policy and prospects for economic recession on the continent. Oil and property issues led decliners in broadly falling markets.

The Eurozone composite Purchasing Managers' Index fell to 48.2 in September, down from 48.9 in August, and further below the 50-marker that separates growth from contraction, S&P Global reported.

Yields on 10-year German bonds rose above 2% for the first time since 2013.

Market denizens also eyed a Wall Street futures market flashing red, and sharply lower closes overnight on Asian exchanges.

The pan-continental Stoxx Europe 600 Index was off 2.7% mid-session.

The Stoxx Europe 600 Technology Index was off 2.8%, and the Stoxx 600 Banks Index fell 3.6%.

The Stoxx Europe 600 Oil and Gas Index was off 4.3%, and the Stoxx Europe Food and Beverage Index was off 1.5%.

The REITE, a European REIT index, fell 5.2%, while the Stoxx Europe 600 Insurance Index was off 2.5%.

On the national market indexes, Germany's DAX was off 2.7%, and the FTSE 100 in London was down 2.1%. The CAC 40 in Paris was off 2.4%, and Spain's IBEX 35 shed 2.9%.

Yields on benchmark 10-year German bonds were rising, near 2.06%.

Front-month North Sea Brent crude oil futures were down 3.0%, near $86.88 per barrel.

The Euro Stoxx 50 volatility index was up 8.7% to 30.43, indicating above-average volatility for European stock markets in the next 30 days. A reading above 20 indicates choppier markets ahead, while below 20 suggests calmer exchanges.

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