Global Market News

Election Picture Undercuts European Bourses Midday


Last updated: 06/11/2024 07:38:03

07:38 AM EDT, 06/11/2024 (MT Newswires) -- European bourses tracked moderately lower midday Tuesday as traders digested French President Emmanuel Macron's move to hold snap national elections, starting on June 30.

Bank and property issues led broad market declines while major French equity indices fell more than 1%.

Investors also eyed Wall Street futures signaling red, and mostly lower closes overnight on Asian exchanges.

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

The Stoxx Europe 600 Technology Index was off 0.4%, and the Stoxx 600 Banks Index lost 1.8%.

The Stoxx Europe 600 Oil and Gas Index was off 0.6%, but the Stoxx 600 Europe Food and Beverage Index declined 0.7%.

The REITE, a European REIT index, fell 1.6%, and the Stoxx Europe 600 Retail Index declined 0.4%.

On the national market indexes, Germany's DAX was down 0.7%, and the FTSE 100 in London was down 1%. The CAC 40 in Paris was off 1.1%, and Spain's IBEX 35 lost 1.5%.

Yields on benchmark 10-year German bonds were lower, near 2.66%.

Front-month North Sea Brent crude oil futures were down 0.2% to $81.47 per barrel.

The Euro Stoxx 50 volatility index was up 8.4% to 15.71, but still 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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