Federal Reserve Outlook Modestly Inflates European Bourses Midday

© MT Newswires Primary Image European bourses tracked modestly higher midday Tuesday as traders awaited comments by Federal Reserve Chair Jerome Powell, at a 12:40 pm ET meeting of the Economic Club of Washington.

Oil and bank stocks led gainers, while tech and property issues lagged.

Trading-floor denizens also eyed Wall Street futures in the green, but choppy closes overnight on Asian exchanges.

German industrial production fell 3.1% in December from November, and was down 3.9% on the year, reported the nation's Federal Statistical Office.

The pan-continental Stoxx Europe 600 Index was up 0.2% mid-session.

The Stoxx Europe 600 Technology Index was off 0.4%, but the Stoxx 600 Banks Index gained 1%.

The Stoxx Europe 600 Oil and Gas Index was up 1.9%, but the Stoxx 600 Europe Food and Beverage Index declined 0.5%.

The REITE, a European REIT index, fell 0.8%, but the Stoxx Europe 600 Insurance Index rose 0.2%.

On the national market indexes, Germany's DAX was off 0.2%, and the FTSE 100 in London was up 0.7%. The CAC 40 in Paris was up 0.1%, and Spain's IBEX 35 gained 0.4%.

Yields on benchmark 10-year German bonds were higher, near 2.31%.

Front-month North Sea Brent crude oil futures were up 1.7% to $82.39 per barrel.

The Euro Stoxx 50 volatility index was down 0.1% to 18.62, indicating mildly below-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. The volatility index was notching over the 30-marker in late September.