Global Market News

European Bourses Higher Midday on Tech Issues, Bond-Market Steadiness


Last updated: 03/02/2021 06:34:07

06:34 AM EST, 03/02/2021 (MT Newswires) -- European bourses were tracking higher midday Tuesday, as traders took courage from stabilizing global bond markets, and shrugged off overnight declines in Asian stock markets and a Wall Street futures market flashing red. Tech issues on the continent were gaining, oils were soft.

Guo Shuqing, chair of the mainland China Banking and Insurance Regulatory Commission, told a Beijing press conference that global financial markets were in a bubble, and China properties were risky, due to easy central-bank money. Hong Hong and Shanghai exchanges finished lower.

Core inflation in the Eurozone was at 1.1% in February, year-over-year, reported the European Central Bank. That rate is still below the ECB's 2% annual target.

The broad-gauge Stoxx Europe 600 Index was up 0.4% near midday.

In the sector metrics, the Stoxx Europe 600 Technology Index rose 0.7% mid-session, while the Stoxx 600 Bank Index was up

0.3%. The Stoxx Europe Oil & Gas Index was off 0.7%. The Stoxx Europe Food & Beverage Index was up 0.3%.

The REITE, a European REIT index, was steady.

Among national indices, the German Dax was up 0.5%, the FTSE 100 Index in London was up 0.8% and the CAC 40 in Paris was up 0.5%. Spain's IBEX 35 was up 0.3%.

Front-month Brent crude oil futures were down 0.2% near $63.59 per barrel, ahead of a Thursday meeting of oil-producing nations.

The yield on German 10-year sovereign bonds declined to minus 0.31%, slightly more negative than on Monday as yields globally steadied.

The Euro Stoxx 50 volatility index fell 1.8% to 21.76, indicating above average volatility for European stock markets in the next 30 days. The index has waffled in the low 20s for several months. A reading above the 20-mark on the index indicates above-average volatility ahead, while below 20 suggests expectations for calmer markets.
Copyright © 2021 MT Newswires. All rights reserved. MT Newswires does not provide investment advice. Unauthorized reproduction is strictly prohibited.

Quotes displayed with 15 minutes delay. Market data provided by Factset. Powered and implemented by FactSet Digital Solutions. Legal Statement. News provided by MT Newswires, a Division of MidnightTrader, Inc. Events Data provided by Wall Street Horizon. ©2021 Wall Street Horizon, Inc.