07:46 AM EDT, 08/07/2024 (MT Newswires) -- European bourses tracked higher midday Wednesday following equity rallies in Asia, after a Bank of Japan official said plans for higher interest rates were in abeyance.

Bank and oil issues led broad market gains in Europe.

Trading floor denizens also eyed Wall Street futures flashing green.

In economic news, German industrial production in June rose a seasonally adjusted 1.4% from May, but was still down 4.1% year on year, reported Destatis.

In other news, Tokyo's Nikkei 225 rose 1.2% after Shinichi Uchida, Deputy Governor of Japan's central bank, said further monetary policy tightening was off the table during periods of financial turmoil.

The pan-continental Stoxx Europe 600 Index was up 1.5% mid-session.

The Stoxx Europe 600 Technology Index was up 1.5%, and the Stoxx 600 Banks Index gained 2.7%.

The Stoxx Europe 600 Oil and Gas Index was up 1.7%, and the Stoxx 600 Europe Food and Beverage Index inclined 0.5%.

The REITE, a European REIT index, rose 0.9%, and the Stoxx Europe 600 Retail Index inclined 1.4%.

On the national market indexes, Germany's DAX was up 1.3%, and the FTSE 100 in London was up 1.2%. The CAC 40 in Paris was up 1.8%, and Spain's IBEX 35 gained 1.7%.

Yields on benchmark 10-year German bonds were higher, near 2.28%.

Front-month North Sea Brent crude-oil futures were up 1.7% to $77.75 per barrel.

The Euro Stoxx 50 volatility index was down 17.5% to 20.67, indicating marginally above-average volatility for European stock markets in the next 30 days, a negative signal. A reading above 20 indicates choppier markets ahead, while below 20 suggests calmer exchanges.