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Earnings Season, Oil Prices Undergird European Bourses Midday

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European bourses tracked moderately into the green midday Wednesday, again testing all-time highs, as traders weighed the unfolding earnings season and noted relatively stable oil prices.

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

Front-month North Sea Brent crude-oil futures were slightly lower at $88.88 a barrel.

TKMS inclined more than 14% midday after the German warship maker raised its full-year guidance, and reported a $28.8 billion backlog of orders.

Investors also eyed Wall Street futures in positive territory, and largely higher closes overnight on Asian exchanges.

In market news, Norway's $2.3 trillion sovereign wealth fund posted a record half-year profit of $184.3 billion, driven largely by global technology stocks, reported Norges Bank Investment Management.

The pan-continental Stoxx Europe 600 Index was up 0.2% mid-session, possibly en route to another record zenith close.

The Stoxx Europe 600 Technology Index was up 0.5%, and the Stoxx 600 Banks Index gained 0.4%.

The Stoxx Europe 600 Oil and Gas Index rose 0.8%, while the Stoxx 600 Europe Food and Beverage Index declined 0.7%.

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

On the national market indexes, Germany's DAX was up 0.6%, and the FTSE 100 in London gained 0.1%. The CAC 40 in Paris was down 0.1%, and Spain's IBEX 35 lifted 0.3%.

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

The Euro Stoxx 50 volatility index was down 1% at 15.69, 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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