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Persian Gulf Outlook Caps European Bourses Midday

-- European bourses tracked sideways midday Wednesday after US President Donald Trump unilaterally extended a Persian Gulf ceasefire on Tuesday, but the Strait of Hormuz remained closed to tanker traffic.

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

Front-month North Sea Brent crude-oil futures were up 1% at $99.49 a barrel.

Investors also eyed Wall Street futures in the green amid choppy closes overnight on Asian exchanges.

In economic news, the European Commission on Wednesday proposed AccelerateEU, a set of measures to tackle fossil fuel shortages triggered by the Strait of Hormuz closure. However, the EC said true security would come from a shift to domestically produced clean energies.

The pan-continental Stoxx Europe 600 Index was stable mid-session.

The Stoxx Europe 600 Technology Index was up 1%, while the Stoxx 600 Banks Index lost 0.9%.

The Stoxx Europe 600 Oil and Gas Index rose 1.5%, while the Stoxx 600 Europe Food and Beverage Index edged 0.1% higher.

The REITE, a European REIT index, gained 0.8%.

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

Yields on benchmark 10-year German bonds were steady, near 3%.

The Euro Stoxx 50 volatility index was down 4.4% at 23.10, but still 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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Hitachi Construction Machinery's Net Income Falls 10% in Fiscal Year 2025

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Canada's Food Prices Seen Steady or Cooler Ahead, Says BMO

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Hydro One to Construct Red Lake Transmission Line in Northwest Ontario

Hydro One (H.TO) will develop and construct the Red Lake transmission line in northwest Ontario, the company said on Friday.The proposed project consists of a new double-circuit 230-kilovolt transmission line that will run from Dryden Transformer Station (TS) north to Ear Falls TS, including associated station facilities and will continue on to connect to Red Lake Switching Station. It is expected to be in service by the early 2030s.The Red Lake Transmission Line is expected to add about 400 megawatts of electricity in northwest Ontario, nearly quadrupling existing capacity. It is also expected to strengthen regional reliability and reinforce the grid for newly connected northern remote communities and the broader region, a statement said.Proximate First Nations can invest in a 50% equity stake in the transmission line component of the project.Hydro One shares closed up $1.23 to $58.11 on Thursday on the Toronto Stock Exchange.

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