Global Market News

Easing Bank Jitters Help Steady European Bourses at Midday


Last updated: 03/17/2023 07:44:09

07:44 AM EDT, 03/17/2023 (MT Newswires) -- European bourses tracked evenly at midday Friday as bank jitters eased following the Swiss National Bank's $54 billion lifeline to banking giant Credit Suisse.

Oil and tech issues led gainers, while property and food stocks lagged. Bank shares were in the green.

Trading-floor denizens also mulled slipping Wall Street futures, but solidly higher closes overnight on Asian exchanges, led by property- and tech-sector rallies.

UK residents expect a 3.9% rate of inflation in the coming 12 months, down from 4.8% in November, according to the Bank of England/Ipsos Inflation Attitudes Survey.

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 0.8%.

The Stoxx Europe 600 Oil and Gas Index was up 2.3%, but the Stoxx 600 Europe Food and Beverage Index declined 0.6%.

The REITE, a European REIT index, fell 0.8%, but the Stoxx Europe 600 Insurance Index rose 0.1%.

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

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

Front-month North Sea Brent crude-oil futures were up 0.5% to $75.09 per barrel.

The Euro Stoxx 50 volatility index was down 2.7% to 25.92, still 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. The volatility index was notching over the 30-marker in late September.
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