Global Market News

Tech Rally Buoys European Bourses Midday


Last updated: 02/22/2024 06:35:27

06:35 AM EST, 02/22/2024 (MT Newswires) -- European bourses tracked higher midday Thursday as tech issues rallied after the US-based chip-giant Nvidia (NVDA) reported strong earnings and outlooks late Wednesday.

Bank and energy shares also gained, while retail and food issues lagged.

Investors eyed Wall Street futures flashing green and higher closes overnight on Asian exchanges, including a new all-time high on Tokyo's Nikkei 225 Index.

The Eurozone composite purchasing managers index, a combination of the services and manufacturing sectors, posted at 48.9 in February, up from 47.9 in January, but still falling below the 50-marker that separates growth from contraction.

The pan-continental Stoxx Europe 600 Index was up 0.6% mid-session.

The Stoxx Europe 600 Technology Index was up 2.4%, and the Stoxx 600 Banks Index gained 0.9%.

The Stoxx Europe 600 Oil and Gas Index was up 0.8%, but the Stoxx 600 Europe Food and Beverage Index declined 1%.

The REITE, a European REIT index, rose 0.1%, but the Stoxx Europe 600 Retail Index declined 0.3%.

On the national market indexes, Germany's DAX was up 1.3%, and the FTSE 100 in London was up 0.8%. The CAC 40 in Paris was up 0.5%, and Spain's IBEX 35 gained 0.5%.

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

Front-month North Sea Brent crude oil futures were up 0.2% to $83.22 per barrel.

The Euro Stoxx 50 volatility index was down 4.6% to 13.88, 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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