Asia Markets
Persian Gulf Outlook Caps European Bourses Midday
European bourses tracked modestly higher midday Friday as traders weighed renewed and ongoing Persian Gulf hostilities, and the re-closing of the Strait of Hormuz to tanker traffic.Front-month North Sea Brent crude-oil futures were up 0.7%, at $76.82 a barrel.Property and bank stocks led gains on continental trading floors, while tech and oil shares lagged.In equity news, shares in UK airline easyJet lifted 15.1% after a surprise $7.65 takeover bid by US private-equity firm Apollo Global Management (APO) was disclosed, one that trumped a rival bid from Castlelake, another US-based private-equity firm.Investors also eyed mixed and muted Wall Street futures, but higher lower closes overnight on Asian exchanges.In economic news, France's consumer price index (CPI) in June rose 1.8% on year, down from the 2.4% on-year increase logged in May, reported INSEE.Germany's CPI in June gained 2.3% on year, down from 2.6% on year in May, reported Destatis.The pan-continental Stoxx Europe 600 Index was up 0.2% mid-session.The Stoxx Europe 600 Technology Index was down 0.5%, and the Stoxx 600 Banks Index gained 0.7%.The Stoxx Europe 600 Oil and Gas Index eased 0.4%, while the Stoxx 600 Europe Food and Beverage Index declined 0.4%.The REITE, a European REIT index, rose 0.9%.On the national market indexes, Germany's DAX was up 0.1%, and the FTSE 100 in London also gained 0.1%. The CAC 40 in Paris was steady, and Spain's IBEX 35 lifted 0.5%.Yields on benchmark 10-year German bonds were steady, near3.04%.The Euro Stoxx 50 volatility index was down 1% at 17.39, 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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