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European Bourses Mixed at Midday as Global Equities Rout Eases
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European Bourses Mixed at Midday as Global Equities Rout Eases
Aug 6, 2024 5:22 AM

07:57 AM EDT, 08/06/2024 (MT Newswires) -- European bourses were mixed midday Tuesday as traders weighed some overnight gains in Asia and a firming up of tech shares globally.

Oil issues also gained, while property stocks lagged.

Investors eyed Wall Street futures signaling green, and higher closes overnight on some Asian exchanges, including a 10.2% rise on Tokyo's Nikkei 225 index. The tech-centric Seoul and Taiwan broad-market equity indices both rose more than 3%.

In economic news, retail sales in the Eurozone fell by 0.3% in June from May, and declined by 0.1% in the broader European Union, reported Eurostat. On the year, June retail sales fell 0.3% in the euro area, but increased by 0.1% in the EU.

The pan-continental Stoxx Europe 600 Index was up 0.1% mid-session.

The Stoxx Europe 600 Technology Index was up 1.4%, and the Stoxx 600 Banks Index gained 0.3%.

The Stoxx Europe 600 Oil and Gas Index gained 0.6%, but the Stoxx 600 Europe Food and Beverage Index was steady.

The REITE, a European REIT index, fell 0.4%, and the Stoxx Europe 600 Insurance Retail Index was flat.

On the national market indexes, Germany's DAX was up 0.2%, and the FTSE 100 in London was down 0.1%. The CAC 40 in Paris was off 0.2%, and Spain's IBEX 35 lost 0.4%.

Yields on benchmark 10-year German bonds were lower, near 2.18%.

Front-month North Sea Brent crude-oil futures were up 0.3% to $76.50 per barrel.

The Euro Stoxx 50 volatility index was down 13.2% to 27.05, 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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