Earnings Season, Stable Bond Yields Lift European Bourses Midday

MT Newswires Live10-21

European bourses tracked moderately higher midday Wednesday as traders digested earnings season reports and weighed relatively stable bond yields.

The pan-continental Stoxx Europe 600 Index was up 0.6% mid-session.

Tech, property and oil stocks led broad gains on continental trading floors.

Investors also eyed Wall Street futures in the green, and mostly higher closes overnight on Asian exchanges, following a strong earnings report from US-based rocket- and AI-enterprise SpaceX (SPCX).

Shares in EssilorLuxottica traded up 14.5% mid-session after the French-Italian eyewear maker reported Q3 revenue above expectations.

In other market news, yields on benchmark 10-year German bonds were marginally higher, near 3.42%, and Brent crude-oil futures were up 1.3% to $110.12 a barrel, in midday action.

In economic news, Germany's gross domestic product probably stagnated in Q3, due in part to low Rhine river levels and restricted inland water transport, reported Bundesbank. In addition, German industry was burdened by supply-chain snags related to Middle East turmoil.

In the sectors, the Stoxx Europe 600 Technology Index was up 1.2%, and the Stoxx 600 Banks Index gained 0.6%.

The Stoxx Europe 600 Oil and Gas Index rose 1%, while the Stoxx 600 Europe Food and Beverage Index inclined 0.2%.

The REITE, a European REIT index, rose 1%.

On the national market indexes, Germany's DAX was up 0.7%, and the FTSE 100 in London gained 0.1%. The CAC 40 in Paris was up 0.6%, and Spain's IBEX 35 lifted 0.6%.

The Euro Stoxx 50 volatility index was down 2.3% at 18.64, 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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