07:53 AM EDT, 10/24/2024 (MT Newswires) -- European bourses tracked moderately higher midday Thursday as traders digested recent positive earnings reports and signals from the European Central Bank that rate cuts are on the table.

Several European blue-chip issues, including automaker Renault, consumer goods giant Unilever, and luxury brand Hermes have posted better-than-expected quarterly results, topped by Tesla's (TSLA) strong earnings report filed overnight.

On the continent, oil and tech stocks led gainers, while bank and retail issues lagged.

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

In economic news, Eurozone private-sector activity mildly contracted in October, reported S&P Global. The flash Eurozone composite purchasing managers index (PMI) posted at 49.7 in October, up marginally from 49.6 in September, but still below the 50-marker that separates growth from contraction. The services PMI fell to 51.2 in October from 51.4 in September, while the manufacturing PMI lifted to 45.9 from 45.0, added S&P Global.

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

The Stoxx Europe 600 Technology Index was up 0.7%, but the Stoxx 600 Banks Index lost 0.1%.

The Stoxx Europe 600 Oil and Gas Index was up 1.1%, and the Stoxx 600 Europe Food and Beverage Index inclined 0.6%.

The REITE, a European REIT index, rose 0.3%, but the Stoxx Europe 600 Retail Index declined 0.2%.

On the national market indexes, Germany's DAX was up 0.7%, and the FTSE 100 in London was up 0.4%. The CAC 40 in Paris was up 0.7%, and Spain's IBEX 35 gained 0.1%.

Yields on benchmark 10-year German bonds were lower, near 2.26%.

Front-month North Sea Brent crude oil futures were up 1.1% to $75.77 per barrel.

The Euro Stoxx 50 volatility index was down 2.1% to 18.59, 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.