07:36 AM EDT, 04/03/2024 (MT Newswires) -- European bourses tracked sideways midday Wednesday as traders weighed an official report on cooling inflation on the continent against possibly shrinking odds of a rate cut from the US Federal Reserve, after strong US industrial and jobs reports on Tuesday.

In Europe, bank and retail stocks gained, while food and property issues lagged.

Investors also eyed Wall Street futures signaling red, and lower closes overnight on Asian exchanges, after a powerful, lethal quake struck Taiwan.

Euro area inflation is expected to post at 2.4% in March on year, down from the 2.6% on-year rate logged in February, reported Eurostat. The European Central Bank has a 2% annual inflation target for consumer prices.

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

The Stoxx Europe 600 Technology Index was up 0.2%, and the Stoxx 600 Banks Index gained 1%.

The Stoxx Europe 600 Oil and Gas Index was up 0.3%, but the Stoxx 600 Europe Food and Beverage Index declined 0.4%.

The REITE, a European REIT index, fell 0.4%, but the Stoxx Europe 600 Retail Index inclined 0.7%.

On the national market indexes, Germany's DAX was up 0.2%, and the FTSE 100 in London was down 0.3%. The CAC 40 in Paris was up 0.2%, and Spain's IBEX 35 gained 0.5%.

Yields on benchmark 10-year German bonds were lower, near 2.36%.

Front-month North Sea Brent crude-oil futures were up 0.8% to $89.64 per barrel.

The Euro Stoxx 50 volatility index was down 2.9% to 14.74, 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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