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Oil Prices, Stalled Peace Negotiations Dent European Bourses Midday

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European bourses tracked moderately lower midday Thursday as traders weighed global petroleum prices topping $100 a barrel, stalled Middle East peace talks, and a still-closed Strait of Hormuz.

Front-month North Sea Brent crude-oil futures were up 1.1% at $102.99 a barrel, in midday activity.

The pan-continental Stoxx Europe 600 Index was off 0.3% mid-session.

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

Investors also eyed Wall Street futures in the red amid lower closes overnight on Asian exchanges.

In economic news, the flash composite Eurozone purchasing managers index for output declined to 48.6 in April from 50.7 in March, trailing the 50-mark that separates growth from contraction, S&P Global reported.

The Stoxx Europe 600 Technology Index was down 0.8%, and the Stoxx 600 Banks Index lost 1.4%.

The Stoxx Europe 600 Oil and Gas Index gained 0.6%, while the Stoxx 600 Europe Food and Beverage Index rose 1.4%.

The REITE, a European REIT index, lost 0.6%.

On the national market indexes, Germany's DAX was down 0.4%, and the FTSE 100 in London lost 0.8%. The CAC 40 in Paris was up 0.2%, and Spain's IBEX 35 eased 1.1%.

Yields on benchmark 10-year German bonds were higher, near 3.02%.

The Euro Stoxx 50 volatility index was up 3.3% at 24.13, 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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