07:50 AM EDT, 09/12/2024 (MT Newswires) -- European bourses tracked higher midday, lifted by tech issues and as traders anticipated a pending rate cut from the European Central Bank.

The ECB is expected to lower its key policy rate to 3.50% from 3.75% at the conclusion of its policy meeting in Frankfurt.

Bank, tech and retail stocks led gainers, while food issues lagged.

Investors also eyed Wall Street futures modestly signaling green, but higher closes overnight on Asian exchanges, including a 3.4% gain on Tokyo's Nikkei 225, and an all-time record zenith set on Mumbai's Sensex.

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

The Stoxx Europe 600 Technology Index was up 2.5%, and the Stoxx 600 Banks Index gained 1.7%.

The Stoxx Europe 600 Oil and Gas Index was up 1%, but the Stoxx 600 Europe Food and Beverage Index was up 0.1%.

The REITE, a European REIT index, rose 0.7%, but the Stoxx Europe 600 Retail Index inclined 1.8%.

On the national market indexes, Germany's DAX was up 1.1%, and the FTSE 100 in London was up 0.8%. The CAC 40 in Paris was up 1.1%, and Spain's IBEX 35 gained 0.8%.

Yields on benchmark 10-year German bonds were higher, near 2.13%.

Front-month North Sea Brent crude-oil futures were up 1.4% to $71.60 per barrel.

The Euro Stoxx 50 volatility index was down 8.1% to 18.02, 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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