European bourses tracked moderately higher midday Monday as traders anticipated a rate cut this week from the US Federal Reserve, and oil shares gained after OPEC extended production ceilings through the end of the year. Retail and bank stocks also rose, while tech issues lagged. Mid-session, investors eyed Wall Street futures signaling green and higher closes overnight on Asian exchanges, although Tokyo was shuttered on holiday. In economic news, the euro area investor confidence index rose to a negative 12.8 in November from a negative 13.8 in October, reported market-research outfit Sentix. The pan-continental Stoxx Europe 600 Index was up 0.2% mid-session. The Stoxx Europe 600 Technology Index was off 0.2%, and the Stoxx 600 Banks Index gained 0.6%. The Stoxx Europe 600 Oil and Gas Index was up 0.9%, but the Stoxx 600 Europe Food and Beverage Index inclined 0.1%. The REITE, a European REIT index, rose 0.2%, but the Stoxx Europe 600 Retail Index inclined 0.5%. On the national market indexes, Germany's DAX was up 0.1%, and the FTSE 100 in London was up 0.8%.
The CAC 40 in Paris was up 0.4%, and Spain's IBEX 35 gained 0.3%. Yields on benchmark 10-year German bonds were higher, near 2.41%. Front-month North Sea Brent crude-oil futures were up 2.8% to $75.12 per barrel. The Euro Stoxx 50 volatility index was steady near 21.09, 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..