07:43 AM EDT, 04/23/2025 (MT Newswires) -- European bourses rallied midday Wednesday as traders embraced outlooks for de-escalating Beijing-Washington trade tensions, and for the continued leadership of Jerome Powell as Federal Reserve chair.

President Donald Trump overnight on Tuesday said he has no plans to fire Powell at the US central bank, and that he was optimistic on improving trade relations with China.

Tech, bank and oil stocks led broad gains, although food issues lagged.

European market denizens also eyed Wall Street futures signaling green, and sharply higher closes overnight on Asian exchanges, led by a 4% rise on Taiwan's TWSE index.

The flash Eurozone composite purchasing managers index (PMI) logged at 50.1 in April, falling from 50.9 in March, but still striking above the 50-mark that separates growth from contraction, reported S&P Global.

The pan-continental Stoxx Europe 600 Index was up 1.7% mid-session.

The Stoxx Europe 600 Technology Index was up 4%, and the Stoxx 600 Banks Index gained 2.9%.

The Stoxx Europe 600 Oil and Gas Index was up 2.9%, but the Stoxx 600 Europe Food and Beverage Index was steady.

The REITE, a European REIT index, rose 0.2%, and the Stoxx Europe 600 Retail Index inclined 1.3%.

On the national market indexes, Germany's DAX was up 2.7%, and the FTSE 100 in London was up 1.4%. The CAC 40 in Paris was up 2.3%, and Spain's IBEX 35 gained 1%.

Yields on benchmark 10-year German bonds were higher, near 2.47%.

Front-month North Sea Brent crude-oil futures were up 0.8%, to $68.01 per barrel.

The Euro Stoxx 50 volatility index was down 7.3% to 23.77, but 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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