Tech Shares and Earnings Underpin European Stock Exchanges European bourses opened Wednesday at a marginally higher level as optimism was boosted by numerous strong earnings reports and inflation fears were somewhat offset by growth in the technology sector.
While shares of banks and real estate dropped, IT issues dominated gainers.
The inhabitants of the trading floor also observed the red-flashing Wall Street futures and the lower overnight closures on Asian markets due to expectations of increased interest rates from significant central banks.
Seasonally adjusted industrial production in the Eurozone fell by 1.1% in December compared to November and by 0.4% throughout the entire European Union, according to Eurostat. Industrial output decreased by 1.7% in the euro region and 0.4% in the EU from a year earlier.
Heineken, a major Dutch brewer, beat earnings estimates and had a 2.1% increase in trading at lunchtime.
Midway through the session, the global Stoxx Europe 600 Index was up 0.1%.
The Stoxx 600 Banks Index dropped 1.6% while the Stoxx Europe 600 Technology Index increased by 0.6%.
The Stoxx 600 Europe Food and Beverage Index increased by 0.3% while the Stoxx 600 Europe Oil and Gas Index fell by 0.2%.
The Stoxx Europe 600 Insurance Index dropped 0.1%, and the European REIT index REITE dropped 0.6%.
The DAX in Germany increased by 0.4%, while the FTSE 100 in London was unchanged. The IBEX 35 in Spain was steady, while the CAC 40 in Paris fell by 0.4%.
German benchmark 10-year bond yields were lower, hovering at 2.42%.
North Sea Brent crude oil futures for the front-month dropped 0.5% to $85.01 a barrel.
With a reading of 17.98, the Euro Stoxx 50 volatility index signals below-average volatility for European stock markets for the ensuing 30 days. A number above 20 portends choppy markets, while a reading below 20 portends smoother trading. In late September, the volatility index had crossed the 30-mark.
Source: Trading View
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