06:43 AM EST, 11/17/2023 (MT Newswires) -- European bourses tracked higher midday Friday as traders weighed softening interest rates and possibly moderating inflation.
Property and insurance stocks led broad market rallies.
Investors also eyed Wall Street futures signaling green, but choppy closes overnight on Asian exchanges.
The euro area posted consumer prices up 2.9% in October on the year, reported Eurostat. In the broader European Union, consumer prices were up 3.6% on the year in October, the agency added. A year earlier, consumer inflation was running in double-digits, noted Eurostat.
The pan-continental Stoxx Europe 600 Index up 1.1% mid-session.
The Stoxx Europe 600 Technology Index was up 0.8%, and the Stoxx 600 Banks Index gained 1.1%.
The Stoxx Europe 600 Oil and Gas Index was up 1%, but the Stoxx 600 Europe Food and Beverage Index inclined 0.7%.
The REITE, a European REIT index, rose 2%, and the Stoxx Europe 600 Insurance Index inclined 1.1%.
On the national market indexes, Germany's DAX was up 0.8%, and the FTSE 100 in London was up 0.9%. The CAC 40 in Paris was up 0.9%, and Spain's IBEX 35 gained 0.8%.
Yields on benchmark 10-year German bonds were lower, near 2.54%. In late September, yields on the German sovereigns had approached 3%.
Front-month North Sea Brent crude oil futures were up 1.1% to $78.31 per barrel.
The Euro Stoxx 50 volatility index was down 2% to 14.38, 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.
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