International
US-Iran Ceasefire Hopes Lift European Bourses Midday
European bourses tracked higher midday Friday as traders weighed reports that US and Iran ceasefire negotiators will meet in Islamabad on Saturday.Bank and tech stocks led gains on continental trading floors, while oil shares lagged.Front-month North Sea Brent crude-oil futures were up 0.1% at $96.05 a barrel.Investors also eyed flat Wall Street futures amid higher closes overnight on Asian exchanges.In other news, European airports could face jet-fuel shortages if the Strait of Hormuz is not reopened in three weeks, Financial Times reported, citing a Airports Council International letter to the European Union.The pan-continental Stoxx Europe 600 Index was up 0.8% mid-session.The Stoxx Europe 600 Technology Index was up 1.3%, and the Stoxx 600 Banks Index rose 1.8%.The Stoxx Europe 600 Oil and Gas Index eased 0.8%, while the Stoxx 600 Europe Food and Beverage Index edged 0.9% higher.The REITE, a European REIT index, gained 0.3%.On the national market indexes, Germany's DAX was up 0.7%, and the FTSE 100 in London gained 0.4%. The CAC 40 in Paris was up 0.8%, and Spain's IBEX 35 lifted 0.7%.Yields on benchmark 10-year German bonds were higher, near 3.03%.The Euro Stoxx 50 volatility index was down 4.6% at 22.47, but still 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.
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