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Energy Issues Help Lift European Bourses Midday
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Energy Issues Help Lift European Bourses Midday
Nov 4, 2024 12:03 PM

07:52 AM EDT, 11/01/2024 (MT Newswires) -- European bourses tracked moderately higher midday Friday, pulled up by energy issues on media reports that Iran has fresh plans to attack Israel, through Iraqi bases.

Bank and retail stocks led broad market gains as traders bargain-hunted after a weak October for European equity values.

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

Switzerland's consumer price index (CPI) rose 0.6% on year in October, and declined 0.1% on month, reported the Federal Statistical Office. The nation's core CPI, that excludes certain foods and fuels, rose by 0.8% on year and by 0.1% on the month.

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

The Stoxx Europe 600 Technology Index was up 0.8%, and the Stoxx 600 Banks Index gained 1.1%.

The Stoxx Europe 600 Oil and Gas Index was up 1.2%, and the Stoxx 600 Europe Food and Beverage Index inclined 0.3%.

The REITE, a European REIT index, rose 0.3%, and the Stoxx Europe 600 Retail Index inclined 0.8%.

On the national market indexes, Germany's DAX was up 0.6%, and the FTSE 100 in London was up 0.8%. The CAC 40 in Paris was up 0.7%, and Spain's IBEX 35 gained 0.9%.

Yields on benchmark 10-year German bonds were higher, near 2.40%.

Front-month North Sea Brent crude-oil futures were up 1.8% to $74.13 per barrel.

The Euro Stoxx 50 volatility index was down 2.3% to 21.23, but still indicating above-average volatility for European stock markets in the next 30 days, a negative signal. A reading above 20 indicates choppier markets ahead, while below 20 suggests calmer exchanges.

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