Global Market News

European Bourses Track Evenly Midday After ECB Announcement


Last updated: 06/23/2022 07:42:39

07:42 AM EDT, 06/23/2022 (MT Newswires) -- Rebounding from morning-session declines, European bourses tracked evenly midday Thursday after the European Central Bank reiterated that after September it "anticipates that a gradual but sustained path of further increases in interest rates will be appropriate."

Oil shares paced gainers, while bank and property stocks fell back.

Market denizens also weighed a pre-bell New York futures market flashing green, and choppy overnight closes on Asian exchanges, although Hong Kong and Shanghai finished higher on prospects for more government stimulus from Beijing.

The pan-continental Stoxx Europe 600 Index was even mid-session.

The Stoxx Europe 600 Technology Index was up 0.1%, while the Stoxx 600 Banks Index fell 0.8%.

The Stoxx Europe 600 Oil and Gas Index was up 1.0%, and the Stoxx Europe Food and Beverage Index was up 0.1%.

The REITE, a European REIT index, was off 1.6%, while the Stoxx Europe 600 Insurance Index fell 0.5%.

On the national market indexes, Germany's DAX was off 0.3%, the FTSE 100 in London was up 0.3%, and the CAC 40 in Paris rose 0.5%. Spain's IBEX 35 gained 0.1%.

Yields on benchmark 10-year German bonds tracked lower, near 1.482%.

Front-month North Sea Brent crude oil futures were nearly 2% lower at $108.10 per barrel.

The Euro Stoxx 50 volatility index fell 2.2% to 28.10, indicating moderately above-average volatility for European stock markets in the next 30 days, although lower than early March when the index crossed 50. A reading above 20 indicates choppier markets ahead, while below 20 suggests calmer exchanges.
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