MBA US Mortgage Applications Rebound in Week Ended May 8; Refinancing Down, New Purchases Up

April US PPI Jumps 1.4% Vs. Expected 0.5% increase, Prior 0.7% Gain

US Dollar Rises Early Wednesday Ahead of PPI, Oil Stocks

The US dollar rose against its major trading partners early Wednesday, except for a decline versus the Canadian dollar, ahead of the release of producer price data for April at 8:30 am ET and weekly petroleum stocks data at 10:30 am ET.Earlier Wednesday, the Mortgage Bankers Association reported that mortgage applications rebounded in the week ended May 8 despite a small increase in average 30-year mortgage rates.A quick summary of foreign exchange activity heading into Wednesday:EUR/USD fell to 1.1713 from 1.1742 at the Tuesday US close and 1.1739 at the same time Tuesday morning. Eurozone GDP rose modestly in Q1, prompting the year-over-year rate to slow, according to data released overnight. European Central Bank President Christine Lagarde is due to speak at 1:15 pm ET. The next European Central Bank meeting is scheduled for June 11.GBP/USD fell to 1.3505 from 1.3541 at the Tuesday US close and 1.3531 at the same time Tuesday morning. There are no UK data on Wednesday's schedule, but Bank of England policy board member Catherine Mann is due to speak at 10:00 am ET and again at 1:00 pm ET. The next Bank of England meeting is scheduled for June 18.USD/JPY rose to 157.8100 from 157.6064 at the Tuesday US close and 157.5663 at the same time Tuesday morning. The Japanese current account surplus widened in March while services business sentiment declined in April, data released overnight showed. The next Bank of Japan meeting is scheduled for June 15-16.USD/CAD fell to 1.3691 from 1.3698 at the Tuesday US close and 1.3709 at the same time Tuesday morning. Canadian consumer sentiment data for May is due to be released at 11:00 am ET. The next Bank of Canada meeting is scheduled for June 10.

Tech, Oil Shares Lift European Bourses Midday

European bourses tracked moderately higher midday Wednesday as continental traders joined the global tech-sector rally and as oil shares tracked higher on prospects for tight crude markets going forward.In contrast, bank, food and property stocks lagged in midday trading.Investors also eyed Wall Street futures flashing green amid higher closes overnight on Asian exchanges, including fresh zeniths on equity indices in Seoul and Tokyo.In economic news, seasonally adjusted industrial production in the eurozone gained 0.2% month over month in March and rose 0.8% in the broader EU, Eurostat reported. Year over year, industrial output fell 2.1% in the euro area and by 1% in the EU.The pan-continental Stoxx Europe 600 Index was up 0.3% mid-session.The Stoxx Europe 600 Technology Index rose 2%, while the Stoxx 600 Banks Index lost 0.2%.The Stoxx Europe 600 Oil and Gas Index rose 0.9%, while the Stoxx 600 Europe Food and Beverage Index declined 0.7%.The REITE, a European REIT index, fell 0.7%.On the national market indexes, Germany's DAX was up 0.7%, and the FTSE 100 in London was steady. The CAC 40 in Paris was down 0.4%, and Spain's IBEX 35 eased 0.2%.Yields on benchmark 10-year German bonds were higher, near 3.1%.Front-month North Sea Brent crude-oil futures were up 0.1% at $107.85 a barrel.The Euro Stoxx 50 volatility index was down 3.9% at 22.43, 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.