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Earnings Nudge European Bourses Into Green

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Last updated: 10/29/2024 07:52:54

07:52 AM EDT, 10/29/2024 (MT Newswires) -- European bourses tracked modestly higher midday Tuesday as traders digested earnings reports, noted key bond yields inching higher, and awaited fresh market catalysts.

Bank stocks gained, while retail issues lagged.

Investors also eyed muted Wall Street futures, and choppy closes overnight on Asian exchanges.

European Central Bank (ECB) Vice-President Luis de Guindos told the news service ANSA that Europe's "disinflationary process" means the ECB's 2% inflation target will be in hand in 2025.

The pan-continental Stoxx Europe 600 Index was up 0.2% mid-session.

The Stoxx Europe 600 Technology Index was up 0.3%, and the Stoxx 600 Banks Index gained 0.8%.

The Stoxx Europe 600 Oil and Gas Index was up 0.1%, but the Stoxx 600 Europe Food and Beverage Index declined 0.2%.

The REITE, a European REIT index, rose 0.1%, but the Stoxx Europe 600 Retail Index declined 0.4%.

On the national market indexes, Germany's DAX was up 0.3%, and the FTSE 100 in London was up 0.1%. The CAC 40 in Paris was up 0.3%, and Spain's IBEX 35 lost 0.2%.

Yields on benchmark 10-year German bonds were higher, near 2.32%.

Front-month North Sea Brent crude-oil futures were up 1.1% to $71.81 per barrel.

The Euro Stoxx 50 volatility index was steady near 18.66, 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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