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

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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.

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