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Persian Gulf, Tech, Earnings Outlooks Cap European Bourses Midday

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European bourses tracked evenly midday Monday as traders weighed ongoing Persian Gulf hostilities, tech-sector values, and the unfolding earnings season.

Oil and tech stocks led gains on continental trading floors, while food and property shares lagged.

Ryanair declined 7% mid-session after the budget airline reported fiscal Q1 earnings declined on higher fuel costs and the disrupted Middle East travel plans of potential passengers.

Investors also eyed Wall Street futures in the green, and mixed closes overnight on Asian exchanges, although Seoul's semiconductor-heavy KOSPI Index fell back 4.5%.

Front-month North Sea Brent crude oil futures were down 1.6% at $86.62 a barrel, midday.

In economic news, European enterprises faced a tighter financing environment in Q2, reported the European Central Bank (ECB), citing its quarterly survey. Continental businesses reported higher interest rates and other financing costs, such as fees and commissions, in Q2 over Q1.

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

The Stoxx Europe 600 Technology Index was up 0.4%, and the Stoxx 600 Banks Index gained 0.2%.

The Stoxx Europe 600 Oil and Gas Index rose 0.9%, but the Stoxx Europe 600 Food and Beverage Index declined 0.4%.

The REITE, a European REIT index, fell 0.1%.

On the national market indexes, Germany's DAX was up 0.2%, and the FTSE 100 in London lost 0.1%. The CAC 40 in Paris was up 0.2%, and Spain's IBEX 35 was even.

Yields on benchmark 10-year German bonds were higher, near 3.14%.

The Euro Stoxx 50 volatility index was up 5.5% at 18.25, still indicating below-average volatility for European stock markets in the next 30 days, a positive signal. A reading above 20 indicates choppier markets ahead, while below 20 suggests calmer exchanges.

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