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Middle East, Inflation Views Damp European Bourses Midday

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European bourses tracked moderately lower midday Wednesday as traders weighed Middle East tensions, and awaited the latest inflation report from Washington.

Food and property stocks led gains on continental trading floors, while bank shares lagged.

The May consumer price index report from Washington will post at 8:30 am ET, a reveal on how Persian Gulf turmoils are affecting inflation, and thus possible stances by the US Federal Reserve.

Investors also eyed Wall Street futures flashing red, and lower closes overnight on Asian exchanges, on tech-sector softness.

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

The Stoxx Europe 600 Technology Index was down 1.4%, and the Stoxx 600 Banks Index lost 1.1%.

The Stoxx Europe 600 Oil and Gas Index rose 0.1%, while the Stoxx 600 Europe Food and Beverage Index inclined 0.5%.

The REITE, a European REIT index, rose 0.9%.

On the national market indexes, Germany's DAX was down 1.1%, and the FTSE 100 in London lost 0.6%. The CAC 40 in Paris was down 0.7%, and Spain's IBEX 35 eased 0.6%.

Yields on benchmark 10-year German bonds were higher, near 3.08%.

Front-month North Sea Brent crude-oil futures were up 1.6% at $92.93 a barrel.

The Euro Stoxx 50 volatility index was steady near 20.65, 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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