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Earnings, Bond Yields Blunt European Bourses Midday


Last updated: 02/09/2024 06:47:44

06:47 AM EST, 02/09/2024 (MT Newswires) -- European bourses tracked mostly sideways midday Friday as traders weighed earnings results and rising rates on benchmark bonds.

Yields on 10-year German sovereign bonds were up, near 2.35%, and at a new high for 2024.

Tech and oil stocks gained, while food and property issues lagged.

Investors also eyed Wall Street futures mildly signaling green, and uneven closes overnight on Asian exchanges, many of which were shuttered on holiday.

Germany's consumer price index rose 2.9% on year in January, down from 3.7% on year in December, reported Destatis.

The pan-continental Stoxx Europe 600 Index was up 0.1% mid-session.

The Stoxx Europe 600 Technology Index was up 0.6%, and the Stoxx 600 Banks Index lost 0.2%.

The Stoxx Europe 600 Oil and Gas Index was up 0.6%, but the Stoxx 600 Europe Food and Beverage Index declined 0.7%.

The REITE, a European REIT index, fell 0.5%, and the Stoxx Europe 600 Insurance Index declined 0.2%.

On the national market indexes, Germany's DAX was flat, and the FTSE 100 in London was up 0.1%. The CAC 40 in Paris was off 0.1%, and Spain's IBEX 35 gained 0.1%.

Front-month North Sea Brent crude oil futures were steady near $81.62 per barrel.

The Euro Stoxx 50 volatility index was down 1.9% to 13.50, 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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