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Tech Rally Sustains European Bourses Midday

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Last updated: 04/24/2024 07:43:52

07:43 AM EDT, 04/24/2024 (MT Newswires) -- European bourses unevenly tracked higher midday Wednesday as traders continued to favor tech issues. London's FTSE 100 again flirted with a record-high close.

Oil issues also edged forward, while retail, property and bank issues lagged.

Continental investors eyed Wall Street futures signaling green, and solidly higher closes overnight on Asian exchanges, led by the tech-sector.

Germany's Business Climate Index logged at 89.4 in April, up from 87.9 in March, the Institute for Economic Research (Ifo) reported.

The pan-continental Stoxx Europe 600 Index was up 0.2% mid-session.

The Stoxx Europe 600 Technology Index was up 2.3%, but the Stoxx 600 Banks Index lost 0.6%.

The Stoxx Europe 600 Oil and Gas Index was up 0.3%, and the Stoxx 600 Europe Food and Beverage Index inclined 0.1%.

The REITE, a European REIT index, fell 0.8%, and the Stoxx Europe 600 Retail Index declined 0.7%.

On the national market indexes, Germany's DAX was up 0.3%, and the FTSE 100 in London was up 0.5%. The CAC 40 in Paris was up 0.4%, and Spain's IBEX 35 lost 0.1%.

Yields on benchmark 10-year German bonds were higher, near 2.56%.

Front-month North Sea Brent crude-oil futures were down 0.5% to $87.96 per barrel.

The Euro Stoxx 50 volatility index was down 3.3% to 15.28, 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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