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European Bourses Tracking Higher Midday, Tech Sector Rising

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Last updated: 10/13/2021 07:39:57

07:39 AM EDT, 10/13/2021 (MT Newswires) -- European bourses were rising midday Wednesday, as traders eyed strong earnings releases from US financial giants, and a better-than-expected China September trade report from Beijing. Market denizens also weighed a Wall Street futures market in the green, but choppy closes overnight in Asia. Technology shares were leading the upside.

Industrial production in the 19-member Eurozone decreased by 1.6% in August from July, and output fell by 1.5% in the broader 27-member European Union, Eurostat reported.

The pan-continental Stoxx Europe 600 Index was up 0.5% mid-session.

The Stoxx Europe 600 Technology Index was up 2.5%, but the Stoxx 600 Banks Index was off 0.8%.

The Stoxx Europe Oil and Gas Index was off 1.1%, but the Stoxx Europe Food and Beverage Index was up 0.7%.

The REITE, a European REIT index, was up 0.5%, and the Stoxx Europe 600 Insurance Index was off 1.1%.

In national market indices, the German DAX was up 0.7%, the FTSE 100 Index in London was down 0.09%, and the CAC 40 in Paris rose 0.3%. Spain's IBEX 35 was off 0.6%.

Yields on benchmark 10-year German bonds were less negative, at minus 0.1210%.

Front-month Brent crude oil futures were off 0.6% at $82.92 per barrel.

The Euro Stoxx 50 volatility index fell 4% to 19.92, indicating essentially average volatility for European stock markets in the next 30 days, a neutral signal. A reading above 20 indicates choppier markets ahead, while below 20 suggests expectations for calmer markets.

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