07:44 AM EDT, 06/02/2025 (MT Newswires) -- European bourses tracked moderately lower midday Monday as traders weighed renewed trade tensions after US President Donald Trump announced a 50% import levy on steel and aluminum late Friday.

Oil issues gained on the continent on the darkening geopolitical outlooks for Russia and possibly Iran, both petroleum-exporting nations. Tech issues fell back.

Investors also eyed Wall Street futures signaling red, and lower closes overnight on Asian exchanges.

In economic news, the Eurozone manufacturing purchasing managers index rose to 49.4 last month from 49 in April, but still below the 50-mark that separates growth from contraction, reported S&P Global.

The pan-continental Stoxx Europe 600 Index was off 0.2% mid-session.

The Stoxx Europe 600 Technology Index was off 1.3%, and the Stoxx 600 Banks Index lost 0.2%.

The Stoxx Europe 600 Oil and Gas Index was up 1.4%, but the Stoxx 600 Europe Food and Beverage Index declined 0.6%.

The REITE, a European REIT index, fell 0.8%, while the Stoxx Europe 600 Retail Index lost 0.2%.

On the national market indexes, Germany's DAX was down 0.3%, and the FTSE 100 in London was little changed. The CAC 40 in Paris was off 0.5%, and Spain's IBEX 35 lost 0.1%.

Yields on benchmark 10-year German bonds were higher, near 2.53%.

Front-month North Sea Brent crude-oil futures were up 3.7% to $65.08 per barrel.

The Euro Stoxx 50 volatility index was up 8.4% at 20.47, 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.