07:43 AM EDT, 09/26/2024 (MT Newswires) -- European bourses tracked higher midday Thursday, underpinned by a surge in tech stocks after the US-based memory-chip maker Micron Technology late Wednesday disclosed robust quarterly earnings and issued upbeat guidance, thus reigniting upward moves in AI-related issues.

Tech and bank shares led gains on continental exchanges, while oil issues lagged.

Investors also eyed Wall Street futures flashing green, and sharply higher closes overnight on Asian exchanges after Beijing vowed fiscal stimulus, on the heels of recent monetary easing measures enacted by the People's Bank of China. The broad-market Hang Seng Index in Hong Kong rose 4.2% at the close.

Citing modest inflation in Switzerland, the Swiss National Bank reduced its benchmark deposit rate to 1% from 1.25%, and said further cuts could be on the table.

The pan-continental Stoxx Europe 600 Index was up 1% mid-session.

The Stoxx Europe 600 Technology Index was up 3.3%, and the Stoxx 600 Banks Index gained 2%.

The Stoxx Europe 600 Oil and Gas Index was off 2.8%, but the Stoxx 600 Europe Food and Beverage Index inclined 1.3%.

The REITE, a European REIT index, rose 0.8%, and the Stoxx Europe 600 Retail Index inclined 0.9%.

On the national market indexes, Germany's DAX was up 1.2%, and the FTSE 100 in London was up 0.2%. The CAC 40 in Paris was up 1.6%, and Spain's IBEX 35 gained 1%.

Yields on benchmark 10-year German bonds were lower, near 2.14%.

Front-month North Sea Brent crude-oil futures were down 2.5% to $71.06 per barrel. Oil sagged on media reports that Saudi Arabia has given up on a $100 per barrel price target, and plans production increases. In addition, parties in Libya may settle on terms to allow increased crude output.

The Euro Stoxx 50 volatility index was down 1% to 16.05, 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.