Market Snapshot

Rate Cut Outlook Lifts European Bourses Midday


Last updated: 02/12/2024 06:39:04

06:39 AM EST, 02/12/2024 (MT Newswires) -- European bourses tracked moderately higher midday Monday as traders weighed the earnings season and recent comments by European central bankers that monetary easing may be on the horizon.

Property and retail stocks led broad market gains, although tech issues were soft.

Investors also eyed muted Wall Street futures, and mixed closes overnight on Asian exchanges in holiday-thinned trading.

European Central Bank Governing Council member Francois Villeroy de Galhau told the French news channel LCI on Friday that rate cuts may be on deck in 2024.

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

The Stoxx Europe 600 Technology Index was off 0.1%, and the Stoxx 600 Banks Index gained 0.4%.

The Stoxx Europe 600 Oil and Gas Index was up 0.8%, and the Stoxx 600 Europe Food and Beverage Index inclined 0.3%.

The REITE, a European REIT index, rose 1.3%, and the Stoxx Europe 600 Retail Index inclined 0.9%.

On the national market indexes, Germany's DAX was up 0.5%, and the FTSE 100 in London was down 0.2%. The CAC 40 in Paris was up 0.5%, and Spain's IBEX 35 gained 0.4%.

Yields on benchmark 10-year German bonds were lower, near 2.34%.

Front-month North Sea Brent crude oil futures were down 1% to $81.37 per barrel.

The Euro Stoxx 50 volatility index was up 0.3% 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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