Global Market News

Central Bank Outlooks Lift European Bourses Midday


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

07:38 AM EDT, 07/10/2024 (MT Newswires) -- European bourses tracked higher midday Wednesday as traders eyed new zeniths on Wall Street, and weighed prospects that major global central banks might ease their monetary regimes.

Property and retail shares led broad-market gains.

Investors also eyed Wall Street futures signaling green, but choppy closes overnight on Asian exchanges, although Tokyo struck another all-time apex.

European Central Bank (ECB) Governing Council member and Bundesbank President Joachim Nagel said he expects continental consumer inflation to reach the ECB's 2% target by late 2025, reported the Tagesspiegel newspaper.

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

The Stoxx Europe 600 Technology Index was up 0.5%, and the Stoxx 600 Banks Index gained 0.6%.

The Stoxx Europe 600 Oil and Gas Index was up 0.2%, but the Stoxx 600 Europe Food and Beverage Index inclined 0.5%.

The REITE, a European REIT index, rose 1.4%, and the Stoxx Europe 600 Retail Index inclined 0.8%.

On the national market indexes, Germany's DAX was up 0.7%, and the FTSE 100 in London was up 0.6%. The CAC 40 in Paris was up 0.8%, and Spain's IBEX 35 gained 1%.

Yields on benchmark 10-year German bonds were lower, near 2.52%.

Front-month North Sea Brent crude-oil futures were down 0.3% to $84.33 per barrel.

The Euro Stoxx 50 volatility index was down 3.8% to 14.05, 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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