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Middle East Tensions, Oil Prices Cap European Bourses Midday
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Middle East Tensions, Oil Prices Cap European Bourses Midday
Oct 7, 2024 5:15 AM

07:46 AM EDT, 10/07/2024 (MT Newswires) -- European bourses tracked marginally lower midday Monday, as traders weighed rising oil prices and Middle East tensions.

Bank and oil stocks led gainers, while property and tech issues lagged.

Investors also eyed Wall Street futures signaling red, but higher closes overnight on Asian exchanges.

The Eurozone investor confidence index improved to negative 13.8 in October from negative 15.4 in September, reported market research house Sentix.

Seasonally adjusted retail sales in the euro area in August rose by 02% from July and by 0.3% in the broader European Union, reported Eurostat.

On year, retail sales in August increased by 0.8% in the euro area and by 1% in the EU.

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

The Stoxx Europe 600 Technology Index was off 1.4%, but the Stoxx 600 Banks Index rose 0.9%.

The Stoxx Europe 600 Oil and Gas Index was up 0.9%, and the Stoxx 600 Europe Food and Beverage Index inclined 0.1%.

The REITE, a European REIT index, fell 1%, but the Stoxx Europe 600 Retail Index inclined 0.2%.

On the national market indexes, Germany's DAX was down 0.3%, and the FTSE 100 in London was up 0.4%. The CAC 40 in Paris was up 0.2%, and Spain's IBEX 35 gained 0.5%.

Yields on benchmark 10-year German bonds were higher, near 2.25%.

Front-month North Sea Brent crude-oil futures were up 2.2% to $79.79 per barrel.

The Euro Stoxx 50 volatility index was up 1.4% to 20.53, indicating marginally 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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