06:51 AM EST, 01/22/2025 (MT Newswires) -- European bourses tracked moderately higher midday Wednesday after a strong earnings report from bellwether sport-apparel house Adidas, and on media reports that European Central Bank President Christine Lagarde told the World Economic Forum that rate cuts are likely on the table in 2025.

Tech shares gained after President Donald Trump announced a $500 billion privately-funded national AI infrastructure buildout, involving Oracle (ORCL), Open AI, and Japan-based SoftBank.

Adidas shares rose 6.7% after the German shoe-giant reported strong footwear sales, and Q4 earnings that topped expectations.

Germany's DAX and the FTSE 100 in London, both broad-market equity indexes, struck all-time zeniths midday.

Oil stocks led gainers along with the tech sector, while property, and food and beverage issues, lagged.

European trading floors also eyed Wall Street futures signaling green, but choppy closes overnight on Asian exchanges.

In economic news, the German economy in Q1 is unlikely to improve much from the modest contraction logged in 2024, said the country's Bundesbank, in its monthly report. Manufacturing and construction are soft, and consumers not confident, said the central bank.

The pan-continental Stoxx Europe 600 Index was steady mid-session.

The Stoxx Europe 600 Technology Index was up 1.2%, and the Stoxx 600 Banks Index gained 0.3%.

The Stoxx Europe 600 Oil and Gas Index was up 0.9%, but the Stoxx 600 Europe Food and Beverage Index declined 0.4%.

The REITE, a European REIT index, fell 0.3%, but the Stoxx Europe 600 Retail Index gained 0.4%.

On the national market indexes, Germany's DAX was up 1.2%, and the FTSE 100 in London was up 0.3%. The CAC 40 in Paris was up 0.9%, and Spain's IBEX 35 gained 0.3%.

Yields on benchmark 10-year German bonds were higher, near 2.48%.

Front-month North Sea Brent crude-oil futures were up 0.3%, to $79.50 per barrel.

The Euro Stoxx 50 volatility index was down 2.3% to 15.09, 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.