Global Market News

Easing Inflation Outlooks Lightly Lift European Bourses Midday


Last updated: 01/23/2023 06:43:51

06:43 AM EST, 01/23/2023 (MT Newswires) -- European bourses tracked modestly north midday Monday as traders weigh signals that global inflation is easing, with the prospect that major global central banks can likewise ease on tightening drives.

Tech issues led gainers, while food and beverage issues lagged.

Trading-floor denizens also eyed a dull Wall Street futures market, but higher closes overnight on Asian exchanges in holiday-thinned trading, led by a 1.3% gain in Tokyo.

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

The Stoxx Europe 600 Technology Index was up 1.3%, and the Stoxx 600 Banks Index rose 0.5%.

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

The REITE, a European REIT index, rose 0.2%, but the Stoxx Europe 600 Insurance Index lost 0.2%.

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

Yields on benchmark 10-year German bonds were higher, near 2.19%.

Front-month North Sea Brent crude-oil futures were up 0.7% to $88.21 per barrel.

The Euro Stoxx 50 volatility index was up 2.1% to 19.07, still indicating below-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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