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European Bourses Track Lower in Global Equities Slump

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Last updated: 01/14/2022 06:34:50

06:34 AM EST, 01/14/2022 (MT Newswires) -- European bourses tracked lower at midday as traders weighed the pandemic outlook and joined a global slump in equities. Tech issues led losers, while oil stocks gained.

Market denizens also noted a Wall Street futures market modestly in the green, but lower closes overnight on Asian exchanges.

The Ukrainian government said it was struck by a "massive cyberattack" that brought down Ministry of Foreign Affairs and other government websites.

The UK gross domestic product (GDP) rose 0.9% in November from October, reported the Office for National Statistics.

The pan-continental Stoxx Europe 600 Index was down 0.6% mid-session.

The Stoxx Europe 600 Technology Index was off 1.4%, and the Stoxx 600 Banks Index was down 0.1%.

The Stoxx Europe Oil and Gas Index was up 0.6%, but the Stoxx Europe Food and Beverage Index was off 0.1%.

The REITE, a European REIT index, bucked trends and was up 0.3%, while the Stoxx Europe 600 Insurance Index was off 0.3%.

On the national market indices, the German DAX was off 0.6%, the FTSE 100 Index in London was steady, and the CAC 40 in Paris was off 0.6%. Spain's IBEX 35 was off 0.1%.

Yields on benchmark 10-year German bonds were more negative at minus 0.06%.

Front-month Brent crude oil futures were 1.4% higher at $85.65 per barrel.

The Euro Stoxx 50 volatility index was up 9.8% to 20.26, indicating marginally above-average volatility for European stock markets in the next 30 days, a negative signal. A reading above 20 indicates choppier markets ahead, while below 20 suggests expectations for calmer markets.

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