International
Persian Gulf Uncertainty Undercuts European Bourses Midday
European bourses tracked moderately lower midday Friday as traders weighed the still-closed Strait of Hormuz, Persian Gulf turmoil, and rising global crude prices.Tech and energy stocks led gains on continental trading floors, while bank shares lagged.The pan-continental Stoxx Europe 600 Index was off 0.3% mid-session.Front-month North Sea Brent crude-oil futures were up 0.1% at $105.15 a barrel.Investors also eyed Wall Street futures unevenly in the green, and choppily higher closes overnight on Asian exchanges.In economic news, Germany's business climate index declined to 84.4 in April from 86.3 in March, striking its lowest level since May 2020 during the COVID-19 pandemic, reported the Institute for Economic Research (Ifo).The Stoxx Europe 600 Technology Index was up 1.4%, while the Stoxx 600 Banks Index lost 1.6%.The Stoxx Europe 600 Oil and Gas Index rose 1.2%, while the Stoxx 600 Europe Food and Beverage Index inclined 1.6%.The REITE, a European REIT index, fell 0.5%.On the national market indexes, Germany's DAX was up 0.3%, but the FTSE 100 in London lost 0.2%. The CAC 40 in Paris was down 0.3%, and Spain's IBEX 35 eased 0.7%.Yields on benchmark 10-year German bonds were higher, near 3.01%.The Euro Stoxx 50 volatility index was up 2.1% at 23.78, 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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