06:39 AM EST, 01/13/2025 (MT Newswires) -- European bourses tracked lower midday Monday as traders weighed higher petroleum prices, and dwindling odds for rate cuts from major central banks given stubborn inflation and strong jobs markets in the US.

Tech issues sagged in Europe amid broad market losses, while oil stocks gained after the US and UK imposed additional sanctions on Russian oil, possibly limiting global supplies.

European investors also eyed Wall Street futures signaling red, and solidly lower closes overnight on Asian exchanges, in part on views that the People's Bank of China in Beijing will prop up the foreign exchange rate of the yuan through less accommodative monetary policies.

The pan-continental Stoxx Europe 600 Index was down 0.8% mid-session.

The Stoxx Europe 600 Technology Index was off 1.3%, and the Stoxx 600 Banks Index lost 0.7%.

The Stoxx Europe 600 Oil and Gas Index was up 0.8%, but the Stoxx 600 Europe Food and Beverage Index declined 0.4%.

The REITE, a European REIT index, fell 0.8%, and the Stoxx Europe 600 Retail Index declined 0.9%.

On the national market indexes, Germany's DAX was down 0.8%, and the FTSE 100 in London was down 0.4%. The CAC 40 in Paris was off 1%, and Spain's IBEX 35 lost 0.6%.

Yields on benchmark 10-year German bonds were high, near 2.59%.

Front-month North Sea Brent crude-oil futures were up 1.7% to $81.13 per barrel.

The Euro Stoxx 50 volatility index was up 7.1% to 19.75, marginally 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.