Global Market News

Interest Rates, Oil Prices Cap European Bourses Midday


Last updated: 04/02/2024 07:40:06

07:40 AM EDT, 04/02/2024 (MT Newswires) -- European bourses tracked modestly higher midday Tuesday, hewing to nominal record-highs, as traders weighed higher oil prices and interest rates.

Oil and tech stocks gained, while retail and property issues lagged.

Investors also eyed Wall Street futures signaling red, but higher closes overnight on Asian exchanges.

The Eurozone manufacturing purchasing managers' index fell to 46.1 in March from 46.5 in February, and declined further below the 50-marker that separates growth from contraction, reported S&P Global.

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

The Stoxx Europe 600 Technology Index was up 0.8%, and the Stoxx 600 Banks Index gained 0.6%.

The Stoxx Europe 600 Oil and Gas Index was up 2.7%, but the Stoxx 600 Europe Food and Beverage Index declined 0.2%.

The REITE, a European REIT index, fell 0.7%, and the Stoxx Europe 600 Retail Index declined 0.7%.

On the national market indexes, Germany's DAX was off 0.1%, and the FTSE 100 in London was up 0.2%. The CAC 40 in Paris was up marginally at 0.02%, while Spain's IBEX 35 lost 0.3%.

Yields on benchmark 10-year German bonds were higher, near 2.403%.

Front-month North Sea Brent crude-oil futures were up 1.5% to $88.70 per barrel.

The Euro Stoxx 50 volatility index was up 6.3% to 14.22, 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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