European bourses tracked moderately higher midday Wednesday, as traders looked forward to the national Spring Budget statement from the UK and Thursday’s policy statement from the European Central Bank.
Property, retail, tech, and oil issues led gainers.
Investors also eyed Wall Street futures signaling green, but choppy closes overnight on Asian exchanges, although Mumbai struck fresh all-time highs.
Retail trade in the euro area slipped by 1% in January on the year, while in the broader European Union sales fell by 0.6%, reported Eurostat. On the month, January sales rose a seasonally adjusted 0.1% from December in the eurozone and rose by 0.3% in the EU.
New car sales in the UK reached the highest level for February in 20 years, reported the Society of Motor Manufacturers and Traders.
The pan-continental Stoxx Europe 600 Index was up 0.2% mid-session.
The Stoxx Europe 600 Technology Index was up 0.9%, and the Stoxx 600 Banks Index gained 0.7%.
The Stoxx Europe 600 Oil and Gas Index was up 0.9%, and the Stoxx 600 Europe Food and Beverage Index inclined 0.1%.
The REITE, a European REIT index, rose 1.4%, and the Stoxx Europe 600 retail Index increased 1.3%.
On the national market indexes, Germany’s DAX was flat, and the FTSE 100 in London was up 0.3%. The CAC 40 in Paris was little changed, and Spain’s IBEX 35 gained 0.9%.
Yields on benchmark 10-year German bonds were higher, near 2.35%.
Front-month North Sea Brent crude oil futures were up 0.6% to $82.56 per barrel.
The Euro Stoxx 50 volatility index was down 3.1% to 14.24, 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.
