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FINWIRES

Easing Crude Prices Help Elevate European Stock Markets Midday

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European bourses tracked moderately higher midday Tuesday as traders weighed easing crude prices, and awaited clarity on the latest version of an Iranian-Israeli ceasefire.

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

Front-month North Sea Brent crude-oil futures were down 1.7% at $92.68 a barrel.

Investors also eyed Wall Street futures flashing green, and higher closes overnight on Asian exchanges, including an 8.2% rise on Seoul's KOSPI Index.

In economic news, European Commission President Ursula von der Leyen announced the 21st package of sanctions against Russia. In addition to oil-related sanctions, restrictions on Russia's banking sector were tightened.

The pan-continental Stoxx Europe 600 Index was up 0.7% mid-session.

The Stoxx Europe 600 Technology Index was up 1.1%, and the Stoxx 600 Banks Index gained 1.1%.

The Stoxx Europe 600 Oil and Gas Index eased 0.2%, while the Stoxx 600 Europe Food and Beverage Index inclined 1.4%.

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

On the national market indexes, Germany's DAX was up 0.7%, but the FTSE 100 in London lost 0.2%. The CAC 40 in Paris was up 0.9%, and Spain's IBEX 35 lifted 1.3%.

Yields on benchmark 10-year German bonds were higher, near 3.06%.

The Euro Stoxx 50 volatility index was down 1.3% at 19.16, 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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