Persian Gulf Ceasefire Outlook, Corporate Earnings Elevate European Bourses Midday
European bourses tracked moderately higher midday Thursday as traders monitored prospects for a ceasefire extension between Tehran and Washington in the Persian Gulf conflict, and digested the ongoing earnings season.Tech and property stocks led gains on continental trading floors, while food shares lagged.Investors also eyed muted Wall Street futures amid higher closes overnight on Asian exchanges.In economic news, Europe has "maybe 6 weeks or so" of jet fuel left if supplies through the Strait of Hormuz remain blocked, International Energy Agency Executive Director Fatih Birol told the Associated Press.The pan-continental Stoxx Europe 600 Index was up 0.3% mid-session.The Stoxx Europe 600 Technology Index was up 1.5%, and the Stoxx 600 Banks Index was steady.The Stoxx Europe 600 Oil and Gas Index eased 0.2%, while the Stoxx 600 Europe Food and Beverage Index declined 0.3%.The REITE, a European REIT index, rose 1.2%.On the national market indexes, Germany's DAX was up 0.6%, and the FTSE 100 in London gained 0.6%. The CAC 40 in Paris was up 0.5%, and Spain's IBEX 35 advanced 0.2%.Yields on benchmark 10-year German bonds were lower, near 3.01%.Front-month North Sea Brent crude-oil futures were up 1% at $95.84 a barrel.The Euro Stoxx 50 volatility index was down 1.2% at 20.65, but still indicating modestly 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.