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European Bourses Tracking Higher Midday on Asian Cues, Wall Street Zeniths

· 02/05/2021 02:36

07:25 AM EST, 02/05/2021 (MT Newswires) -- European bourses were tracking modestly higher midday Friday, as traders weigh positive cues from Asian exchanges and overnight zeniths set on Wall Street. European investors are also eying prospects for the Biden Administration's plans for a $1.9 trillion fiscal stimulus package, the gathering rollouts of COVID-19 vaccines worldwide, and a New York futures market again flashing green.

In economic news, industrial orders in Germany fell 1.9% in December from November, the Federal Statistical Office reported.

Despite the German factory set-back, the broad-gauge Stoxx Europe 600 Index was up 0.3% mid-session, pulled higher by bank and oil issues.

In the sector metrics, the Stoxx Europe 600 Technology Index rose 0.4% near midday, while the Stoxx 600 Bank Index was up

1.9%. The Stoxx Europe Oil & Gas Index was up 1.1%, but the Stoxx Europe 600 Consumer staples index was off 1.4%.

The European REIT Index, the REITE, was up 0.5%.

Among national indices, the FTSE 100 in London was up 0.1%, the CAC 40 in Paris was up 1.9%, and Germany's DAX was up 0.2%. Spain's IBEX 35 was up 1.1%.

Front-month Brent crude oil futures gained 0.6% to $59.47 a barrel, approaching the $60 price level for the first time in more than a year.

The Euro Stoxx 50 volatility index fell 5.9% to 21.37, indicating essentially average volatility for European stock markets in the next 30 days. The index had dipped below 20 in mid-late January, a positive signal, but tracked higher in late January before softening again this week. A reading above the 20-mark on the index indicates above-average volatility ahead, while below 20 suggests expectations for calmer markets.