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Middle East Outlook Elevates European Bourses Midday

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European bourses tracked moderately higher midday Tuesday on renewed hopes for a resumption in Tehran-Washington peace negotiations, and as relative calm prevailed in the Strait of Hormuz as US Navy ships patrolled the waters.

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

Investors also eyed Wall Street futures in the green, and higher closes overnight on Asian exchanges, led by a 2.7% rise on Seoul's KOSPI index.

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

The Stoxx Europe 600 Technology Index was up 1.9%, and the Stoxx 600 Banks Index gained 0.6%.

The Stoxx Europe 600 Oil and Gas Index was flat, while the Stoxx 600 Europe Food and Beverage Index inclined 0.7%.

The REITE, a European REIT index, rose 1.2%.

On the national market indexes, Germany's DAX was up 0.9%, and the FTSE 100 in London gained 0.1%. The CAC 40 in Paris was up 0.6%, and Spain's IBEX 35 lifted 0.6%.

Yields on benchmark 10-year German bonds were lower, near 3.07%.

Front-month North Sea Brent crude-oil futures were holding under $100 a barrel, near $99.30.

The Euro Stoxx 50 volatility index was down 8.1% at 20.96, still modestly 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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