Persian Gulf Impasse, Corporate Earnings Season Nudge European Bourses Higher Midday

MT Newswires Live
08/10

European bourses edged higher midday Monday as traders awaited developments in the war-torn Persian Gulf and monitored oil prices amid the flow of corporate earnings reports.

Tech and oil stocks led gains on continental trading floors, while food shares lagged.

Investors also eyed Wall Street futures modestly in the green, and higher closes overnight on Asian exchanges.

Front-month North Sea Brent crude-oil futures were up 1.1% at $84.45 a barrel midday.

In economic news, the Eurozone economic sentiment index in August rose four points to positive 0.9 points, reported Sentix, a German research institute.

The pan-continental Stoxx Europe 600 Index was up 0.1% mid-session, edging above the all-time record-high close set on Friday.

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

The Stoxx Europe 600 Oil and Gas Index gained 0.6%, while the Stoxx 600 Europe Food and Beverage Index declined 0.5%.

The REITE, a European REIT index, edged 0.1% lower.

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

Yields on benchmark 10-year German bonds were higher, near 3.14%.

The Euro Stoxx 50 volatility index was down 2.8% at 15.20, 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.

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