European Bourses Firm Midday Ahead of Federal Reserve Rate Policy Statement

European bourses were firm midday Wednesday ahead of the rate policy statement by the US Federal Reserve slated for 2 pm ET, as well as the Bank of England’s policy announcement scheduled for Thursday.

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Oil issues led gainers, while property shares fell back.

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Market denizens also weighed a steady Wall Street futures market and muted closes overnight on Asian exchanges, although Hong Kong rose again on expectations for easing of Beijing anti-pandemic strictures.

The unemployment rate in Germany posted at 5.3% in October, down from 5.4% in September, the nation’s Federal Employment Agency reported.

The pan-continental Stoxx Europe 600 Index was up marginally, nearly 0.1%, mid-session.

The Stoxx Europe 600 Technology Index was up nearly 0.1%, and the Stoxx 600 Banks Index was down nearly 0.1%.

The Stoxx Europe 600 Oil and Gas Index rose 0.3%, and the Stoxx 600 Europe Food and Beverage Index declined 0.1%.

The REITE, a European REIT index, was off 1.5%, while the Stoxx Europe 600 Insurance Index lost nearly 0.1%.

On the national market indexes, Germany’s DAX was nearly flat, and the FTSE 100 in London was off 0.3%. The CAC 40 in Paris was off 0.1%, and Spain’s IBEX 35 fell 0.2%.

Yields on benchmark 10-year German bonds were higher, near 2.135%.

Front-month North Sea Brent crude oil futures edged up nearly 0.1% to $94.70.

The Euro Stoxx 50 volatility index was up 1.3% to 24.79, indicating modestly above-average volatility for European stock markets in the next 30 days. A reading above 20 indicates choppier markets ahead, while below 20 suggests calmer exchanges.

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