Tech Retreat Undercuts European Bourses Midday
European bourses tracked lower midday Friday as traders again viewed tech shares cautiously, after media reports that US-based OpenAI may delay its much-anticipated IPO until 2027, to better assure a $1 trillion market cap.Property stocks led scant gains on continental trading floors, while bank and oil shares lagged.Investors also eyed Wall Street futures flashing red, and lower closes overnight on Asian exchanges, including a 12.5% decline in shares of SoftBank, the Japan-based tech financier.In corporate news, Volkswagen CEO Oliver Blume is planning a restructuring of the automaker that could cut 100,000 jobs, German media outlet CORRECTIV reported.The pan-continental Stoxx Europe 600 Index was off 1% mid-session.The Stoxx Europe 600 Technology Index was down 1.9%, and the Stoxx 600 Banks Index lost 0.9%.The Stoxx Europe 600 Oil and Gas Index eased 1.7%, while the Stoxx 600 Europe Food and Beverage Index declined 0.1%.The REITE, a European REIT index, rose 0.4%.On the national market indexes, Germany's DAX was down 1.1%, and the FTSE 100 in London lost 0.8%. The CAC 40 in Paris was down 0.7%, and Spain's IBEX 35 eased 0.4%.Yields on benchmark 10-year German bonds were lower, near 2.85%.Front-month North Sea Brent crude oil futures were down 3.1% at $73.16 a barrel.The Euro Stoxx 50 volatility index was up 3.7% at 18.10, but still indicates 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.
