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Tech Rally Helps European Bourses Gain Midday
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Tech Rally Helps European Bourses Gain Midday
Nov 14, 2024 5:31 AM

07:03 AM EST, 11/14/2024 (MT Newswires) -- European bourses tracked moderately higher midday Thursday as traders renewed their interest in tech issues after a solid earnings report from German tech conglomerate Siemens, and weighed odds for peace initiatives in Eastern Europe.

Property and energy stocks led gainers, while retail issues lagged.

Investors also eyed Wall Street futures modestly signaling green, but lower closes overnight on Asian exchanges.

The Eurozone gross domestic product (GDP) expanded by a seasonally adjusted 0.4% in Q3, while that of the broader European Union grew by 0.3%, reported Eurostat. On year, the Eurozone GDP was up 0.9% and the EU's rose by 1%.

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

The Stoxx Europe 600 Technology Index was up 2%, and the Stoxx 600 Banks Index gained 0.5%.

The Stoxx Europe 600 Oil and Gas Index was up 1.3%, and the Stoxx 600 Europe Food and Beverage Index inclined 0.4%.

The REITE, a European REIT index, rose 1.1%, but the Stoxx Europe 600 Retail Index declined 0.1%.

On the national market indexes, Germany's DAX was up 1.3%, and the FTSE 100 in London was up 0.4%. The CAC 40 in Paris was up 1.1%, 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 0.2% to $72.45 per barrel.

The Euro Stoxx 50 volatility index was down 2.8% to 17.19, 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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