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Soft US Earnings, Geopolitics Blunts European Bourses Midday

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Last updated: 01/25/2023 06:39:58

06:39 AM EST, 01/25/2023 (MT Newswires) -- European bourses tracked lower midday Wednesday after sluggish US earnings reports on Tuesday, and as geo-political tensions around Ukraine persist and mount. German officials said they will send Leopard 2 tanks to Ukraine, and added that other European nations will follow.

Tech issues led broad market declines.

Trading-floor denizens also eyed Wall Street futures flashing red, but higher closes overnight on Asian exchanges in holiday-thinned trading.

Producer prices in the UK rose 14.7% year on year in December, but fell 0.8% from November, reported the Office for National Statistics.

The pan-continental Stoxx Europe 600 Index was down 0.5% mid-session.

The Stoxx Europe 600 Technology Index was off 1%, and the Stoxx 600 Banks Index lost 0.3%.

The Stoxx Europe 600 Oil and Gas Index was off 0.4%, and the Stoxx 600 Europe Food and Beverage Index declined 0.6%.

The REITE, a European REIT index, fell 0.4%, and the Stoxx Europe 600 Insurance Index fell 0.2%.

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

Yields on benchmark 10-year German bonds were lower, near 2.11%.

Front-month North Sea Brent crude oil futures were steady, near $86.10 per barrel.

The Euro Stoxx 50 volatility index was up 2.3% to 18.49, but still indicating below-average volatility for European stock markets in the next 30 days, a positive signal. 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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