Upswinging Crude Prices Undercut European Bourses Midday
European bourses tracked moderately lower midday Thursday as traders eyed rising oil prices and mulled odds for a Persian Gulf peace deal.Front-month North Sea Brent crude-oil futures were up 1.7% at $106.78 a barrel.Bank and tech stocks led losses on continental trading floors, while property and food shares edged higher.Investors also eyed Wall Street futures flashing red, but higher closes overnight on Asian exchanges.In economic news, the flash Eurozone composite purchasing managers index, a combination of the continent's manufacturing and service sectors, logged at 47.5 in May, down from April's 48.8, and striking further below the 50-mark that separates growth from contraction, reported S&P Global.The pan-continental Stoxx Europe 600 Index was off 0.2% mid-session.The Stoxx Europe 600 Technology Index was down 0.7%, and the Stoxx 600 Banks Index lost 1.2%.The Stoxx Europe 600 Oil and Gas Index eased 0.2%, while the Stoxx 600 Europe Food and Beverage Index inclined 0.2%.The REITE, a European REIT index, rose 0.2%.On the national market indexes, Germany's DAX was down 0.6%, and the FTSE 100 in London lost 0.4%. The CAC 40 in Paris was down 0.5%, and Spain's IBEX 35 eased 0.6%.Yields on benchmark 10-year German bonds were higher, near 3.11%.The Euro Stoxx 50 volatility index was up 0.9% at 22.58, 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.