07:45 AM EDT, 05/24/2024 (MT Newswires) -- European bourses tracked moderately lower midday Friday after a strong May US PMI report on Thursday from S&P Global pointed to an expanding US economy and lower chances for an easing of the Federal Reserve's monetary regime.

Retail and property stocks eked out gains, while bank and tech shares lagged.

Investors also eyed Wall Street futures signaling green, but solidly lower closes overnight on Asian exchanges, led by sagging China property shares.

European Central Bank Governing Council member and Bundesbank President Joachim Nagel said that an ECB rate-cut move was "winning traction," at a Bundesbank press conference.

The pan-continental Stoxx Europe 600 Index was off 0.5% mid-session.

The Stoxx Europe 600 Technology Index was down 0.8% and the Stoxx 600 Banks Index was 0.9% lower.

The Stoxx Europe 600 Oil and Gas Index was off 0.7%, but the Stoxx 600 Europe Food and Beverage Index edged 0.6% higher.

The REITE, a European REIT index, gained 0.4%, and the Stoxx Europe 600 Retail Index edged 0.5% higher.

On the national market indexes, Germany's DAX was down 0.4%, and the FTSE 100 in London was 0.4% lower. The CAC 40 in Paris was off 0.2%, and Spain's IBEX 35 lost 0.9%.

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

Front-month North Sea Brent crude oil futures were down 0.4% at $81.03 per barrel.

The Euro Stoxx 50 volatility index was up 2.6% at 12.94, 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.