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Encouraging Purchasing Managers' Index Report Steadies European Bourses Midday

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Last updated: 11/23/2022 06:50:17

06:50 AM EST, 11/23/2022 (MT Newswires) -- European bourses were steady midday Wednesday after a November purchasing managers' index report signaled a smaller contraction in the continental business scene.

Bank and oil stocks were in the green, while property issues lagged.

Trading-floor denizens also weighed relatively flat Wall Street futures, but higher closes overnight on Asian exchanges on tech-sector strength.

The flash Eurozone PMI Composite Output Index posted at 47.8 in November, up from 47.3 in October and a two-month high, but still below the 50-level that separates growth from contraction, reported S&P Global.

The pan-continental Stoxx Europe 600 Index was 0.1% higher mid-session.

The Stoxx Europe 600 Technology Index was up 0.1%, and the Stoxx 600 Banks Index rose 0.6%.

The Stoxx Europe 600 Oil and Gas Index was up 0.7%, but the Stoxx 600 Europe Food and Beverage Index declined 0.1%.

The REITE, a European REIT index, fell 1%, but the Stoxx Europe 600 Insurance Index rose 0.3%.

On the national market indexes, Germany's DAX was off 0.2%, and the FTSE 100 in London was up 0.3%. The CAC 40 in Paris was flat, and Spain's IBEX 35 lost 0.1%.

Yields on benchmark 10-year German bonds were higher, near 1.99%.

Front-month North Sea Brent crude-oil futures were down 2.7% to $85.94 per barrel.

The Euro Stoxx 50 volatility index was down 1% to 20.01, indicating 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. The volatility index was notching over the 30-marker in late September.

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