Global Market News

China, ECB Outlooks Lift European Bourses Midday


Last updated: 09/15/2023 07:36:12

07:36 AM EDT, 09/15/2023 (MT Newswires) -- European bourses tracked higher midday Friday after mainland China issued solid August retail sales and factory reports, lifting sentiments regarding the global economy.

The European Central Bank on Thursday raised a key policy rate by 0.25% to 4%, but the ECB said future rate increases were not locked in and would depend on economic conditions.

Bank and insurance stocks led gainers, while property and tech issues lagged.

Investors also eyed choppy Wall Street futures, but higher closes overnight on Asian exchanges after the encouraging economic reports from Beijing.

The pan-continental Stoxx Europe 600 Index was up 0.9% mid-session.

The Stoxx Europe 600 Technology Index was off 0.4%, but the Stoxx 600 Banks Index gained 0.7%.

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

The REITE, a European REIT index, fell 0.7%, but the Stoxx Europe 600 Insurance Index inclined 0.8%.

On the national market indexes, Germany's DAX was up 1.1%, and the FTSE 100 in London was up 0.8%. The CAC 40 in Paris was up 1.6%, and Spain's IBEX 35 gained 0.4%.

Yields on benchmark 10-year German bonds were higher, near 2.65%.

Front-month North Sea Brent crude oil futures were up 0.4% to $94.11 per barrel.

The Euro Stoxx 50 volatility index was down 4.8% to 14.03, 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.
Copyright © 2023 MT Newswires. All rights reserved. MT Newswires does not provide investment advice. Unauthorized reproduction is strictly prohibited.

Quotes displayed with 15 minutes delay. Market data provided by Factset. Powered and implemented by FactSet Digital Solutions. Legal Statement. News provided by MT Newswires, a Division of MidnightTrader, Inc. Events Data provided by Wall Street Horizon. ©2021 Wall Street Horizon, Inc.