Global Market News

Elections, Bond Yields Sap European Bourses Midday


Last updated: 06/10/2024 07:45:09

07:45 AM EDT, 06/10/2024 (MT Newswires) -- European bourses tracked moderately lower midday Monday as traders weighed rising bond yields and a possible snap election in France.

Paris market indices traded sharply lower.

Tech and bank shares led broad market declines, while oil stocks eked out gains.

Investors also eyed Wall Street futures signaling red and choppily lower closes overnight on Asian exchanges in holiday-thinned trading.

Yields on 10-year French sovereign bonds rose to 3.2%.

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

The Stoxx Europe 600 Technology Index was 1% lower and the Stoxx 600 Banks Index lost 1.2%.

The Stoxx Europe 600 Oil and Gas Index was up 0.1%, while the Stoxx 600 Europe Food and Beverage Index declined 0.8%.

The REITE, a European REIT index, was 0.3% lower and the Stoxx Europe 600 Retail Index was down 0.6%.

On the national market indexes, Germany's DAX was down 0.6%, and the FTSE 100 in London was 0.2% lower. The CAC 40 in Paris was off 1.7% and Spain's IBEX 35 lost 0.7%.

Yields on benchmark 10-year German bonds were higher, near 2.7%.

Front-month North Sea Brent crude oil futures were down 0.1% at $78.05 per barrel.

The Euro Stoxx 50 volatility index was up 1.9% at 15.14, 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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