International
Lower Oil Prices, Interest Rates Trigger Fresh Zeniths on European Bourses Midday
European bourses tracked moderately higher midday Tuesday to fresh all-time highs, as traders weighed easing oil bills and interest rates, and monitored Persian Gulf pronouncements from Tehran and Washington.Bank and oil stocks led gains on continental trading floors, while tech, food and property shares eased.Yields on benchmark 10-year German bonds were lower, near 2.93%.Front-month North Sea Brent crude oil futures were down 2.6%, near $80.99 a barrel.Investors also eyed tepid Wall Street futures, and unevenly higher closes overnight on Asian exchanges, after a raft of soft economic reports from Beijing.In economic news, Germany's economic sentiment index rose in June to a positive 10.5, swinging up from a negative 10.2 in May, reported the Centre for European Economic Research (ZEW).The anticipated end of Persian Gulf hostilities boosted sentiments, said ZEW.The pan-continental Stoxx Europe 600 Index was up 0.4% mid-session, in all-time high territory.The Stoxx Europe 600 Technology Index was down 0.3%, and the Stoxx 600 Banks Index gained 1.5%.The Stoxx Europe 600 Oil and Gas Index rose 0.4%, while the Stoxx 600 Europe Food and Beverage Index declined 0.5%.The REITE, a European REIT index, fell 0.4%.On the national market indexes, Germany's DAX was up 0.5%, and the FTSE 100 in London gained 0.5%. The CAC 40 in Paris was up 0.7%, and Spain's IBEX 35 lifted 0.3%.The Euro Stoxx 50 volatility index was down 1.6% at 16.29, 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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