07:42 AM EDT, 04/16/2024 (MT Newswires) -- European bourses tracked lower midday Tuesday after Monday's strong retail report from Washington dulled prospects for rate cuts from the US Federal Reserve and following a raft of mixed economic bulletins from Beijing.

Bank, property and tech issues led broad market losses across Europe, as yields on benchmark sovereign bonds rose.

Investors also eyed muted Wall Street futures, and solidly lower closes overnight on Asian exchanges. Although Beijing reported a sturdy 5.3% year-on-year expansion of gross domestic product for Q1, March retail and industrial output releases underwhelmed observers, while property-sector indicators remained weak.

The ZEW Germany economy sentiment index posted at 42.9 in April, up from 31.7 in March, reported the Center for European Economic Research.

The pan-continental Stoxx Europe 600 Index was off 1.4% mid-session.

The Stoxx Europe 600 Technology Index was off 1.5%, and the Stoxx 600 Banks Index lost 2%.

The Stoxx Europe 600 Oil and Gas Index was off 1.3%, and the Stoxx 600 Europe Food and Beverage Index declined 0.4%.

The REITE, a European REIT index, fell 1.6%, and the Stoxx Europe 600 Retail Index declined 1.3%.

On the national market indexes, Germany's DAX was down 1.3%, and the FTSE 100 in London was down 1.4%. The CAC 40 in Paris was off 1.2%, and Spain's IBEX 35 lost 1.1%.

Yields on benchmark 10-year German bonds were higher, near 2.47%.

Front-month North Sea Brent crude-oil futures were down 0.2% to $89.91 per barrel.

The Euro Stoxx 50 volatility index was up 7.2% to 19.84, only marginally 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. The Euro Stoxx 50 volatility index posted in the 12-range in mid-March, but has been rising since.

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