07:39 AM EDT, 07/07/2025 (MT Newswires) -- European bourses tracked moderately higher midday Wednesday after a European Union spokesman said a US-EU trade deal was in the works.

Tech and bank stocks led incliners, while oil issues lagged after cartel OPEC and allied nations agreed to larger than expected production boosts over the weekend.

Investors also eyed Wall Street futures flashing red and choppy closes overnight on Asian exchanges.

In economic news, a European Union spokesman said the framework of a trade agreement with the US is near after EU President Ursula von der Leyen held a call with President Donald Trump on Sunday, reported Bloomberg.

The pan-continental Stoxx Europe 600 Index was up 0.3% mid-session.

The Stoxx Europe 600 Technology Index was up 0.7%, and the Stoxx 600 Banks Index gained 0.7%.

The Stoxx Europe 600 Oil and Gas Index was off 1.2%, and the Stoxx 600 Europe Food and Beverage Index lost 0.2%

The REITE, a European REIT index, rose 0.5%, while the Stoxx Europe 600 Retail Index fell 0.1%.

On the national market indexes, Germany's DAX was down 0.8%, and the FTSE 100 in London rose 0.1%. The CAC 40 in Paris was up 0.2%, and Spain's IBEX 35 was steady.

Yields on benchmark 10-year German bonds were higher, near 2.58%.

Front-month North Sea Brent crude-oil futures were up 0.5% at $68.65 a barrel.

The Euro Stoxx 50 volatility index was down 3.2% to 18.44, 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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