Global Market News

Bond Yields, Valuations Cap European Bourses Midday


Last updated: 02/23/2024 07:04:47

07:04 AM EST, 02/23/2024 (MT Newswires) -- European bourses tracked sideways midday Friday as traders weighed valuations after recent rallies and modestly rising interest rates.

Property issues edged lower in muted markets.

Investors eyed flat Wall Street futures and uneven closes overnight on Asian exchanges.

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

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

The REITE, a European REIT index, lost 0.3%.

On the national market indexes, Germany's DAX was flat, and the FTSE 100 in London was steady. The CAC 40 in Paris was up 0.4%, and Spain's IBEX 35 lost 0.6%.

Yields on benchmark 10-year German bonds were higher, near 2.46%.

Front-month North Sea Brent crude oil futures were down 2% to $81.79 per barrel.

The Euro Stoxx 50 volatility index was down 2.7% to 13.45, 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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