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Tech Revives, Oil Dives Midday on Europe Bourses

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European bourses tracked moderately higher midday Thursday as traders joined the global tech rally, and weighed sinking petroleum prices.

Property issues also led gainers, while oil stocks lagged.

Front-month North Sea Brent crude-oil futures were down 0.8% at $73.27 a barrel.

Investors midday also eyed Wall Street futures flashing green, and higher closes overnight on Asian exchanges, led by a 5.4% gain on Seoul's KOSPI index, and a 4.6% rise on Tokyo's Nikkei 225.

Gains in the continental tech sector were driven by US-based memory-chip maker Micron Technology's (MU) strong fiscal Q3 earnings release, and upbeat guidance, delivered late Wednesday.

In economic news, the European Union will transfer the first portion of an 80 billion euro loan to Ukraine on Thursday, European Commission President Ursula von der Leyen said, speaking at the Ukraine Recovery Conference in Gdansk, hosted by Poland and Ukraine.

The pan-continental Stoxx Europe 600 Index was up 0.7% mid-session.

The Stoxx Europe 600 Technology Index was up 2.3%, and the Stoxx 600 Banks Index gained 0.5%.

The Stoxx Europe 600 Oil and Gas Index eased 0.6%, while the Stoxx 600 Europe Food and Beverage Index inclined 0.1%.

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

On the national market indexes, Germany's DAX was up 0.6%, and the FTSE 100 in London gained 0.5%. The CAC 40 in Paris was up 0.6%, and Spain's IBEX 35 lifted 0.3%.

Yields on benchmark 10-year German bonds were lower, near 2.86%.

The Euro Stoxx 50 volatility index was down 2.7% at 16.93, 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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