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European Bourses Steady Midday, London Lower

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Last updated: 01/12/2021 06:43:26

06:43 AM EST, 01/12/2021 (MT Newswires) -- European bourses were flat mid-session Monday, on dull overnight cues from Wall Street, modestly rising interest rates and lack of market catalysts. The COVID-19 pandemic continues to undercut the euro area economy, capping upside momentum, said analysts.

In the UK, the REIT Land Securities echoed Monday's reports from REIT British Land that rent collections have fallen sharply in Q4. Land Securities reported collecting 65% of retail rents due, as the pandemic shutters shops and keeps customers at home. The company's stock traded down 1% by midday. In London, the FTSE 100 declined 0.6%.

Nevertheless, the broad-gauge Stoxx Europe 600 Index is up 0.2%, pushed by stronger oil, financial and tech stocks.

On the sector metrics, the Stoxx Europe 600 Technology Index rose 0.4%, and the Stoxx 600 Bank Index was up 1.1%. The Stoxx Europe Oil & Gas Index was up 0.9%.

On the national indices, Frankfurt's DAX rose 0.1%, the Paris CAC was off 0.2%, and Spain's IBEX 35 rose 0.1%.

Front-month Brent crude futures prices were up 1.5%, near $56.50 a barrel.

The Euro Stoxx 50 volatility index was down 2.9% to 21.35, indicating modestly above-average volatility for European stock markets in the next 30 days, and still only just a little above the lowest (most positive) readings of the pandemic months. Above the 20-mark on the index indicates above-average volatility ahead, while below 20 suggests expectations for calmer markets.

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