07:44 AM EDT, 09/24/2024 (MT Newswires) -- European bourses tracked moderately higher midday Tuesday after the People's Bank of China announced a raft of monetary stimulus measures intended to boost the globe's second-largest economy.

Bank and tech stocks led broad rallies on the continent, while property issues lagged.

Investors also eyed Wall Street futures signaling green, and sharply higher closes overnight on Asian exchanges, including a 4.1% gain on Hong Kong's Hang Seng Index.

In Beijing, China's central bank announced cuts in short-term and mortgage rates, and a reduction in bank reserve requirements, among other measures to help revive struggling property markets.

The PBoC will also set up a 500 billion yuan swap facility for brokers and funds to buy equities, and a 300 billion yuan refinancing facility for corporate stock buybacks.

In other news, Germany's Ifo business climate index fell to 85.4 in September from 86.6 in August, reported the Institute for Economic Research (Ifo). "The German economy is coming under ever-increasing pressure," said Ifo. Readings below 100 indicate more than half of companies expect business conditions to decline.

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

The Stoxx Europe 600 Technology Index was up 1.3%, and the Stoxx 600 Banks Index also gained 1.3%.

The Stoxx Europe 600 Oil and Gas Index was up 0.7%, and the Stoxx 600 Europe Food and Beverage Index inclined 0.7%.

The REITE, a European REIT index, fell 0.9%, but the Stoxx Europe 600 Retail Index inclined 0.3%.

On the national market indexes, Germany's DAX was up 0.5%, and the FTSE 100 in London was up 0.3%. The CAC 40 in Paris was up 1.4%, and Spain's IBEX 35 was steady.

Yields on benchmark 10-year German bonds were lower, near 2.17%.

Front-month North Sea Brent crude-oil futures were up 2.3% to $74.94 per barrel.

The Euro Stoxx 50 volatility index was down 1.8% to 16.08, 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.