International
Tech Swoon Undercuts European Bourses Midday
European bourses tracked lower midday Tuesday as traders joined global counterparts in stepping back from rich valuations in semiconductor and AI-related equities.Tech stocks led losses on continental trading floors, while food shares bucked trends to gain.Investors also eyed Wall Street futures flashing red, and lower closes overnight on Asian exchanges, including a 10% decline on Seoul's KOSPI index.In economic news, the flash Eurozone purchasing managers index composite output index, a combination of the continent's manufacturing and services sectors, struck 49.5 in June, up from 48.5 in May, but still below the 50-mark that separates private-sector growth from contraction, reported S&P Global.The pan-continental Stoxx Europe 600 Index was off 0.9% mid-session.The Stoxx Europe 600 Technology Index was down 3.1%, and the Stoxx 600 Banks Index lost 0.7%.The Stoxx Europe 600 Oil and Gas Index eased 1.2%, while the Stoxx 600 Europe Food and Beverage Index inclined 1%.The REITE, a European REIT index, fell 0.7%.On the national market indexes, Germany's DAX was down 1.2%, and the FTSE 100 in London lost 0.5%. The CAC 40 in Paris was down 0.8%, and Spain's IBEX 35 eased 0.5%.Yields on benchmark 10-year German bonds were lower, near 2.91%Front-month North Sea Brent crude-oil futures were steady near $77.46 a barrel.The Euro Stoxx 50 volatility index was up 14% at 18.56, but 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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