Global Market News

Interest Rates, Oil Prices Curb European Bourses Midday


Last updated: 11/20/2023 07:02:53

07:02 AM EST, 11/20/2023 (MT Newswires) -- European bourses tracked sideway midday Monday as traders weighed interest rates and higher oil prices, and awaited fresh market catalysts.

Oil stocks gained and tech issues edged higher, while other sectors were muted.

Investors also eyed flat Wall Street futures, and choppy closes overnight on Asian exchanges.

German drug giant Bayer fell 18.5% midday after disclosing it had ceased trials of an anti-clotting drug, and after media reports that a Missouri jury ordered Bayer to pay $1.56 billion to four plaintiffs who claimed Roundup weedkiller, made by the Bayer unit Monsanto, caused injuries.

German producer prices slid 11% in October on year, and slipped 0.1% from September, reported Destatis.

The pan-continental Stoxx Europe 600 Index was flat mid-session.

The Stoxx Europe 600 Technology Index was up 0.2%, and the Stoxx 600 Banks Index lost 0.1%.

The Stoxx Europe 600 Oil and Gas Index was up 1%, and the Stoxx 600 Europe Food and Beverage Index inclined 0.2%.

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

On the national market indexes, Germany's DAX was down 0.3%, and the FTSE 100 in London was down 0.2%. The CAC 40 in Paris was up 0.2%, and Spain's IBEX 35 gained 0.7%.

Yields on benchmark 10-year German bonds were higher, near 2.60%.

Front-month North Sea Brent crude-oil futures were up 1.6% to $81.87 per barrel.

The Euro Stoxx 50 volatility index was up 1.3% 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.
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