07:49 AM EDT, 07/25/2024 (MT Newswires) -- European bourses tracked solidly lower midday Thursday as traders eschewed tech shares and mulled values for consumer issues after soft earnings reports.

Nestle fell 4.7% and Kering was down 6.8% midday after reporting quarterly results.

Additionally, investors eyed Wall Street futures signaling red and sharply lower closes overnight on Asian exchanges, including a 3.3% decline in Tokyo.

Germany's business climate deteriorated in July, with the Ifo Institute's Business Climate Index logging 87.0, down from 88.6 in June, according to the survey.

The pan-continental Stoxx Europe 600 Index was down 1.5% mid-session.

The Stoxx Europe 600 Technology Index was off 2.7%, and the Stoxx 600 Banks Index lost 2.2%.

The Stoxx Europe 600 Oil and Gas Index was down 1.7%, and the Stoxx 600 Europe Food and Beverage Index fell 1.1%.

The REITE, a European REIT index, fell 1.5%, and the Stoxx Europe 600 Retail Index was 2% lower.

On the national market indexes, Germany's DAX was down 1.2%, and the FTSE 100 in London was 0.5% lower. The CAC 40 in Paris was off 1.9%, and Spain's IBEX 35 lost 1.3%.

Yields on benchmark 10-year German bonds were lower, near 2.4%.

Front-month North Sea Brent crude oil futures were down 1.3% at $80.66 per barrel.

The Euro Stoxx 50 volatility index was up 11% at 17.83, 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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