07:40 AM EDT, 03/21/2024 (MT Newswires) -- European bourses tracked moderately higher midday Thursday after the Swiss central bank surprised markets with a rate cut, and after the US Federal Reserve on Wednesday affirmed projections for three rate reductions in 2024.

Property, retail and especially tech stocks led broad rallies.

Investors also eyed Wall Street futures signaling green, and solidly higher closes overnight on Asian exchanges, except Shanghai.

The Swiss National Bank cut its key interest rate by 25 basis points to 1.50%, a generally unexpected easing.

The Eurozone composite purchasing managers index (PMI) output index, a combination of the manufacturing and services sectors, posted at 49.9 in March, up from 49.2 in February, and nearly striking the 50-marker that separates growth from contraction, reported S&P Global.

The pan-continental Stoxx Europe 600 Index was up 0.4% mid-session, eying a possible record-high close.

The Stoxx Europe 600 Technology Index was up 2%, and the Stoxx 600 Banks Index gained 0.6%.

The Stoxx Europe 600 Oil and Gas Index was up 0.4%, and the Stoxx 600 Europe Food and Beverage Index inclined 0.1%.

The REITE, a European REIT index, rose 1.6%, and the Stoxx Europe 600 Retail Index inclined 0.7%.

On the national market indexes, Germany's DAX was up 0.4%, and the FTSE 100 in London was up 1.1%. The CAC 40 in Paris was off 0.1%, and Spain's IBEX 35 gained 1%.

Yields on benchmark 10-year German bonds were lower, near 2.40%.

Front-month North Sea Brent crude-oil futures were down 0.3% to $85.71 per barrel.

The Euro Stoxx 50 volatility index was down 2.9% to 12.57, indicating below-average volatility for European stock markets in the next 30 days, a positive signal. A reading above 20 indicates choppier markets ahead, while below 20 suggests calmer exchanges.

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