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Persian Gulf Outlook Caps European Bourses Midday

-- European bourses tracked sideways midday Wednesday after US President Donald Trump unilaterally extended a Persian Gulf ceasefire on Tuesday, but the Strait of Hormuz remained closed to tanker traffic.

Property, oil, and tech stocks led gains on continental trading floors, while bank shares lagged.

Front-month North Sea Brent crude-oil futures were up 1% at $99.49 a barrel.

Investors also eyed Wall Street futures in the green amid choppy closes overnight on Asian exchanges.

In economic news, the European Commission on Wednesday proposed AccelerateEU, a set of measures to tackle fossil fuel shortages triggered by the Strait of Hormuz closure. However, the EC said true security would come from a shift to domestically produced clean energies.

The pan-continental Stoxx Europe 600 Index was stable mid-session.

The Stoxx Europe 600 Technology Index was up 1%, while the Stoxx 600 Banks Index lost 0.9%.

The Stoxx Europe 600 Oil and Gas Index rose 1.5%, while the Stoxx 600 Europe Food and Beverage Index edged 0.1% higher.

The REITE, a European REIT index, gained 0.8%.

On the national market indexes, Germany's DAX was down 0.2%, and the FTSE 100 in London was steady. The CAC 40 in Paris was down 0.4%, and Spain's IBEX 35 eased 0.4%.

Yields on benchmark 10-year German bonds were steady, near 3%.

The Euro Stoxx 50 volatility index was down 4.4% at 23.10, 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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UK Overhauls Energy Regulator Ofgem, Boosts Consumer Protections

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Market Chatter: Trump Flags Potential Iran Talks in 36-72 Hours

US-Iran talks could resume within 36 to 72 hours, with President Donald Trump saying a breakthrough is possible, the New York Post reported Wednesday.Trump, responding to the New York Post in a text message, said, "It's possible," when asked about imminent talks.Sources from Islamabad also pointed to a 36-72 hour window for progress, the report said.The update follows Trump's decision on Tuesday to prolong the ceasefire, saying it would stay in place until Iran delivers a "unified proposal" to move talks forward.Diplomatic engagement with Tehran has accelerated, with the timeline reflecting ongoing back-channel efforts to restart negotiations between Washington and Iran, the Post added, citing a Pakistani source.The source said that the ceasefire remains intact despite rising rhetoric, noting neither side has escalated militarily, signaling a degree of restraint from both parties.The source said Pakistan continues to serve as a central intermediary in facilitating dialogue, according to the report.The White House and Pakistan's Ministry of Foreign Affairs did not immediately respond to' requests for comments.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)