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Bank and Tech Sectors Lift European Bourses Midday
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Bank and Tech Sectors Lift European Bourses Midday
May 3, 2024 5:05 AM

07:46 AM EDT, 05/03/2024 (MT Newswires) -- European bourses tracked moderately higher midday Friday on tech strength after the strong earnings report from Apple (AAPL) late Thursday and a solid quarterly report from French bank Credit Agricole earlier in the session.

London's FTSE 100 index again tested fresh record highs.

In addition to tech issues, property stocks gained, while oil and gas shares lagged.

Investors also eyed Wall Street futures signaling green, but choppy closes overnight on Asian exchanges in holiday-thinned trading.

The seasonally adjusted unemployment rate in the euro area posted at 6.5% in March, unchanged from February, Eurostat reported. In the broader European Union, the unemployment rate eased to 6% in March from 6.1% in February.

The pan-continental Stoxx Europe 600 Index was up 0.4% mid-session.

The Stoxx Europe 600 Technology Index was up 1.2%, and the Stoxx 600 Banks Index gained 0.2%.

The Stoxx Europe 600 Oil and Gas Index was flat, but the Stoxx 600 Europe Food and Beverage Index inclined 0.2%.

The REITE, a European REIT index, rose 0.5%, and the Stoxx Europe 600 Retail Index inclined 0.3%.

On the national market indexes, Germany's DAX was up 0.4%, and the FTSE 100 in London was up 0.5%. The CAC 40 in Paris was up 0.6%, and Spain's IBEX 35 was flat.

Yields on benchmark 10-year German bonds were lower, near 2.54%.

Front-month North Sea Brent crude oil futures were up 0.4% to $84.01 per barrel.

The Euro Stoxx 50 volatility index was down 4.1% to 14.79, a positive signal indicating below-average volatility for European stock markets in the next 30 days. A reading above 20 indicates choppier markets ahead, while below 20 suggests calmer exchanges.

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