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Central Bank, Middle East Outlooks Nudge European Bourses Higher Midday

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-- European bourses tracked moderately higher midday Monday as traders weighed a Tehran plan to re-open the Strait of Hormuz and looked ahead to Bank of England and European Central Bank rate decisions, slated for Thursday.

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

European blue-chips including banks Deutsche Bank, Santander, and BNP Paribas, and automakers Volkswagen, Stellantis, and Mercedes-Benz, are slated to report earnings later this week.

Investors also eyed flat Wall Street futures amid higher closes overnight on Asian exchanges.

The pan-continental Stoxx Europe 600 Index was up 0.4% mid-session.

The Stoxx Europe 600 Technology Index was steady, and the Stoxx 600 Banks Index gained 1%.

The Stoxx Europe 600 Oil and Gas Index advanced 0.8%, while the Stoxx 600 Europe Food and Beverage Index declined 0.4%.

The REITE, a European REIT index, gained 0.4%.

On the national market indexes, Germany's DAX was up 0.8%, and the FTSE 100 in London gained 0.3%. The CAC 40 in Paris was up 0.6%, and Spain's IBEX 35 advanced 0.8%.

Yields on benchmark 10-year German bonds were steady, near 3.01%.

Front-month North Sea Brent crude-oil futures were up 0.7% at $99.77 a barrel.

The Euro Stoxx 50 volatility index was down 1.8% at 23.17, 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.

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