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European Bourses Steady Midday as Financial Issues Slip, Oil Stocks Rise

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Last updated: 09/14/2021 07:49:51

07:49 AM EDT, 09/14/2021 (MT Newswires) -- European bourses were steady Tuesday as investors awaited the US consumer price index for August bulletin from Washington, for clues to future policy from the Federal Reserve. Market denizens also weighed a Wall Street futures market in slightly in the green, but choppy closes overnight on Asian exchanges.

The higher inflation rates in Europe in recent months are temporary, European Central Bank Governing Council member Francois Villeroy de Galhau said in an interview with France 2 TV.

The pan-continental Stoxx Europe 600 Index was flat midday, as soft financial issues were offset by higher energy stocks.

The Stoxx Europe 600 Technology Index was up 0.3% mid-session, and the Stoxx 600 Banks Index was flat.

The Stoxx Europe Oil and Gas Index was up 0.9%, and the Stoxx Europe Food and Beverage Index was off 0.2%.

The REITE, a European REIT index, was up 0.2%, but the Stoxx Europe 600 Insurance Index was off 1.2%.

In national market indices, the German DAX was off 0.1%, the FTSE 100 Index in London was down 0.3%, and the CAC 40 in Paris fell 0.5%. But Spain's IBEX 35 was up 0.1%.

Yields on benchmark 10-year German bonds were less negative, at minus 0.31%.

Front-month Brent crude oil futures were up 0.5% at $73.88 per barrel.

The Euro Stoxx 50 volatility index fell 1.9% to 20.34, but still indicating marginally above-average volatility for European stock markets in the next 30 days, a negative signal. A reading above 20 indicates above-average volatility ahead, while below 20 suggests expectations for calmer markets.

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