07:40 AM EDT, 09/04/2024 (MT Newswires) -- European bourses tracked solidly lower midday Wednesday as traders joined global peers in edging away from tech issues and on rising concerns that major economies are slowing.

Retail stocks also led broad market declines, although oil issues held firm.

Investors eyed Wall Street futures signaling red and sharply lower closes overnight on Asian exchanges, including a 4.2% setback on Tokyo's Nikkei 225 and a 4.5% loss on Taiwan's TWSE index.

In economic news, the producer price index (PPI) in the euro area fell by 2.1% in July on the year, and by 1.9% in the broader European Union, reported Eurostat. On the month, the PPI rose by 0.8% in both the euro area and the EU.

The pan-continental Stoxx Europe 600 Index was off 1% mid-session.

The Stoxx Europe 600 Technology Index was off 3.2%, and the Stoxx 600 Banks Index lost 0.3%.

The Stoxx Europe 600 Oil and Gas Index was flat, but the Stoxx 600 Europe Food and Beverage Index inclined 0.6%.

The REITE, a European REIT index, fell 0.2%, and the Stoxx Europe 600 Retail Index declined 0.8%.

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

Yields on benchmark 10-year German bonds were lower, near 2.22%.

Front-month North Sea Brent crude oil futures were up 0.7% to $74.25 per barrel.

The Euro Stoxx 50 volatility index was up 16.9% to 20.27, indicating above-average volatility for European stock markets in the next 30 days, a negative signal. A reading above 20 indicates choppier markets ahead, while below 20 suggests calmer exchanges.

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