European bourses tracked modestly lower midday Tuesday as traders weighed central bank rate policy stances and the possibility that rates could stay higher for longer than previously anticipated.
Bank and retail stocks edged higher, while tech and property issues lagged.
Investors also eyed Wall Street futures signaling red, and uneven closes overnight on Asian exchanges. China-exposed exchanges rose after China’s central bank announced a rate cut.
The eurozone’s seasonally adjusted construction output index rose 0.8% in December from November, Eurostat reported. In the broader European Union, the index advanced 1.3%. Year-on-year, construction increased by 1.9% in the euro area and 2.4% in the EU, said Eurostat.
The pan-continental Stoxx Europe 600 Index was down 0.1% mid-session.
The Stoxx Europe 600 Technology Index was off 1.1%, but the Stoxx 600 Banks Index gained 0.3%.
The Stoxx Europe 600 Oil and Gas Index was off 0.2%, but the Stoxx 600 Europe Food and Beverage Index inclined 0.1%.
The REITE, a European REIT index, fell 0.5%, but the Stoxx Europe 600 Insurance Index inclined 0.2%.
On the national market indexes, Germany’s DAX was down 0.2%, and the FTSE 100 in London was flat. The CAC 40 in Paris was up 0.2%, and Spain’s IBEX 35 gained 0.2%.
Yields on benchmark 10-year German bonds were lower, near 2.38%.
Front-month North Sea Brent crude oil futures were down 0.9% to $82.84 per barrel.
The Euro Stoxx 50 volatility index was up 0.8% to 14.18, still 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.
