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Oil, Interest Rates Damp European Bourses Midday

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European bourses tracked lower midday Friday as traders monitored rising oil prices and interest rates, tech-sector sell-offs overnight in Asia, and UK political turmoil.

UK equities came under pressure on media reports of an expected Labor motion to remove Keir Starmer as the nation's prime minister, and a possible challenge by party rival Andy Burnham, who is considered further to the left on the political spectrum.

Property and tech shares stocks led broad losses on continental trading floors, although food stocks bucked trends to gain.

Yields on benchmark 10-year German bonds were higher, near 3.1%, the highest since 2011.

Front-month North Sea Brent crude-oil futures were up 2.3% at $108.14 a barrel.

Investors also eyed Wall Street futures flashing red, and lower closes overnight on Asian exchanges, including a 6% decline on Seoul's KOSPI index.

The pan-continental Stoxx Europe 600 Index was off 1.1% mid-session.

The Stoxx Europe 600 Technology Index was down 2%, and the Stoxx 600 Banks Index lost 1.6%.

The Stoxx Europe 600 Oil and Gas Index eased 0.4%, but the Stoxx 600 Europe Food and Beverage Index gained 0.5%.

The REITE, a European REIT index, fell 2.1%.

On the national market indexes, Germany's DAX was down 1.5%, and the FTSE 100 in London lost 1.5%. The CAC 40 in Paris was down 1.3%, and Spain's IBEX 35 eased 1.1%.

Yields on benchmark 10-year German bonds were higher, near 3.1%, the highest since 2011.

Front-month North Sea Brent crude-oil futures were up 2.3% at $108.14 a barrel.

The Euro Stoxx 50 volatility index was up 6.5% at 22.56, 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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