Global Market News

Inflation Outlook Bolsters European Bourses Midday


Last updated: 11/30/2023 06:42:45

06:42 AM EST, 11/30/2023 (MT Newswires) -- European bourses tracked moderately higher midday Thursday after the European Commission said the reported consumer price inflation rate is expected to cool into the mid-2% range in November.

Oil and retail stocks led broad market gains.

Investors also eyed Wall Street futures signaling green, and higher closes overnight on Asian exchanges.

Euro area consumer inflation dropped to 2.4% in November on year, down from 2.9% in October, reported Eurostat.

The pan-continental Stoxx Europe 600 Index was up 0.4% mid-session.

The Stoxx Europe 600 Technology Index was up 0.3%, and the Stoxx 600 Banks Index gained 0.5%.

The Stoxx Europe 600 Oil and Gas Index rose 2.3%, and the Stoxx 600 Europe Food and Beverage Index inclined 0.4%.

The REITE, a European REIT index, rose 0.1%, and the Stoxx Europe 600 Retail Index gained 1.3%.

On the national market indexes, Germany's DAX was up 0.4%, and the FTSE 100 in London was up 0.5%. The CAC 40 in Paris was up 0.4%, and Spain's IBEX 35 gained 0.3%.

Yields on benchmark 10-year German bonds were higher, near 2.44%.

Front-month North Sea Brent crude-oil futures were up 0.7% to $83.45 per barrel.

The Euro Stoxx 50 volatility index was down 2.1% to 13.90, indicating below-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.
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