Global Market News

Elections, Fed Outlook Limit European Bourses Midday


Last updated: 07/09/2024 07:46:18

07:46 AM EDT, 07/09/2024 (MT Newswires) -- European bourses tracked moderately lower midday Tuesday as traders digested recent election results in France and the UK, and awaited the US Federal Reserve Chair Jerome Powell's Congressional testimony.

Food and beverage stocks edged higher, while oil shares lagged.

Investors also eyed Wall Street futures signaling green and higher closes overnight on Asian exchanges, including all-time zeniths set in Mumbai and Tokyo.

The European Central Bank "can gradually reduce rates in line with the disinflation process," said ECB executive board member Fabio Panetta, speaking in Rome, FX News reported.

The pan-continental Stoxx Europe 600 Index was off 0.3% mid-session.

The Stoxx Europe 600 Technology Index was down 0.6% and the Stoxx 600 Banks Index lost 0.8%.

The Stoxx Europe 600 Oil and Gas Index was 1.2% lower, while the Stoxx 600 Europe Food and Beverage Index gained 0.3%.

The REITE, a European REIT index, declined 0.4% and the Stoxx Europe 600 Retail Index lost 0.5%.

On the national market indexes, Germany's DAX was down 0.4%, and the FTSE 100 in London was 0.3% lower. The CAC 40 in Paris was off 0.9% and Spain's IBEX 35 lost 0.7%.

Yields on benchmark 10-year German bonds were higher, near 2.55%.

Front-month North Sea Brent crude oil futures were down 0.4% at $85.44 per barrel.

The Euro Stoxx 50 volatility index was up 0.9% at 13.41, 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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