Global Market News

Central Bank Outlook Lifts European Bourses Midday


Last updated: 04/12/2024 07:38:10

07:38 AM EDT, 04/12/2024 (MT Newswires) -- European bourses tracked higher midday Friday after European Central Bank officials on Thursday suggested rate cuts are in the picture for the second half of the year.

Bank and oil stocks led broad-market gains, as yields slipped on benchmark European sovereign bonds.

Investors also eyed muted Wall Street futures, and lower closes overnight on Asian exchanges after a soft March international trade report from Beijing aggravated concerns that China's economy is flagging.

The pan-continental Stoxx Europe 600 Index was up 0.8% mid-session.

The Stoxx Europe 600 Technology Index was up 0.6%, and the Stoxx 600 Banks Index gained 0.9%.

The Stoxx Europe 600 Oil and Gas Index was up 2%, and the Stoxx 600 Europe Food and Beverage Index inclined 0.4%.

The REITE, a European REIT index, rose 0.5%, and the Stoxx Europe 600 Retail Index inclined 0.7%.

On the national market indexes, Germany's DAX was up 0.7%, and the FTSE 100 in London was up 1.1%. The CAC 40 in Paris was up 0.7%, and Spain's IBEX 35 gained 0.9%.

Yields on benchmark 10-year German bonds were lower, near 2.37%.

Front-month North Sea Brent crude oil futures were up 1% to $90.66 per barrel.

The Euro Stoxx 50 volatility index was down 1.4% to 16.46, 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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